The Okada Group took control of the Okada Manila casino resort last Tuesday. Its Filipino business partner, Antonio Cojuangco, led the takeover with the help of private security guards and the police.
It marked the return of the Japanese gaming tycoon after Tiger Resort Leisure and Entertainment removed Kazuo Okada from its board in 2017. TRLEI is the operator of the hotel resort. Also, the operator claimed Okada misused millions of dollars in company funds.
The ouster was essential for a more extensive cross-line fight in court in the Philippines, Japan, and Hong Kong Okada had pursued against his family, including his alienated spouse, Takako. In addition, he filed a lawsuit to recapture the corporation after being removed from the Japan-listed Universal Entertainment Corp.
Okada Group Takes Control of Okada Manila
Okada’s camp said the Philippine Supreme Court gave a status quo ante order last April. Thus, Okada remains the sole representative of Tiger Resort Asia.
As a result, Okada returned as director, shareholder, CEO, and chairman of TRLEI. In addition, Okada named new board members recognized by the Philippine Amusement and Gaming Corp.
The new board named Cojuangco as the president. Also, they named Dindo Espeleta as vice-chair of the casino resort. Also, they carried out the takeover with the help of the sheriff. In addition, a PAGCOR representative acted as a witness to the action. They are waiting for the following step of the Philippine Supreme Court.
In the meantime, the move seemed to make two contradicting groups inside the casino firm, TLREI.
In a different explanation given Tuesday night, the TRLEI board removed from Okada Manila blamed the other group for illicitly and fiercely assuming control over the casino resort through savage power and terrorizing to compel legal officers to vacate facilities.
The country’s casino industry is currently enjoying a surge after the government relaxed its pandemic policies. Thus, casino revenue in the Philippines increased in the first quarter of the year.
However, sports wagering is unavailable in Okada Manila. People who want to bet on basketball had to find other sites to do so.
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