Sep 07, 2017 Newsdesk Japan, Latest News, Top of the deck, World
The Nevada Gaming Control Board investigation in the United States into Japanese businessman Kazuo Okada is “ongoing”, the body said in a Wednesday email to GGRAsia. The news of the ongoing probe is notwithstanding the entrepreneur’s exclusion from the board of the Japanese gaming group he founded, and from a holding company used to control some of his family’s business interests.
On Monday, a filing to Jasdaq from Universal Entertainment Corp, a Japanese conglomerate that was until recently chaired by Mr Okada, said that an investigation the group commissioned found he had engaged in “three acts of fraudulence”, by not going through proper company channels regarding transactions amounting in value to nearly US$100 million.
“Since our investigation is ongoing, the Board has no comment at this time,” said Diane Presson, supervisor at the Nevada regulator’s investigations division, in the Wednesday email to GGRAsia.
The Gaming Control Board had clarified to GGRAsia in late June – after news of the Universal Entertainment investigation into Mr Okada was first made public – that the regulator was “investigating the allegations based on Mr Okada and affiliated companies Aruze USA Inc, Aruze Gaming America Inc, and Universal Entertainment holding various gaming licences in Nevada”.
The Aruze brand is a major supplier in the casino technology sector in key markets including Las Vegas and Macau.
On June 29, it was announced that Mr Okada had been excluded from the newly-constituted board of Universal Entertainment Corp, and the same month it emerged that Mr Okada had also been dropped as chairman of a Hong Kong-registered entity called Okada Holdings Ltd. The company reportedly holds a 67.9-percent stake in Universal Entertainment Corp.
Reuters news agency reported in July that Mr Okada had filed a lawsuit in Hong Kong against his son, daughter and wife in an attempt to regain control of Okada Holdings.
Mar 24, 2023
Mar 21, 2023
Mar 27, 2023
Mar 27, 2023
Mar 27, 2023Tourists from overseas travelling to Macau via Hong Kong will also be eligible for a free single-leg journey by bus or ferry from participating carriers, said on Monday Macau’s tourism boss. Maria...
(Click here for more)
”Human capital constraints and skill gaps pose a key challenge for Macau to substantially reduce its high dependence on the gaming industry”
George Xu, Andrew Fennell and Jan Friederich
Analysts at Fitch Ratings