Dec 30, 2014 Newsdesk Latest News, Philippines, Top of the deck  
Universal Entertainment Corp, led by Japanese pachinko entrepreneur Kazuo Okada, said in a filing to Jasdaq on Monday that the Prosecutor General of the Philippines had proposed to the country’s Secretary of Justice to “terminate the investigation into the groundless suspicion that our group may have offered bribes to officials of [the] Philippine Amusement and Gaming Corp [the local regulator]…”
Alleged illegal payments linked to Mr Okada’s under-construction US$2 billion Manila Bay Resorts casino project (pictured in a rendering) in the Philippines capital have been the subject of separate investigations by the Philippines Department of Justice, the U.S. Federal Bureau of Investigation and Nevada’s gaming regulator.
Universal Entertainment added in its Monday filing: “Furthermore, it was decided on December 16, 2014, not to institute prosecution against Mr Kazuo Okada, chairman of the board of the company, against whom a criminal complaint and charge had been filed by someone with the Tokyo District Public Prosecutor’s Office for bribery to public officials.” That was a reference to the Philippines case.
Universal Entertainment added in the filing it would continue to investigate the “outflow of US$30 million caused by a former employee of our group”.
In July 2013, a report commissioned by Universal Entertainment said a former director of the firm had altered minutes of a meeting to suggest executives had collectively approved a US$25 million payment.
Meanwhile, Universal Entertainment’s Monday filing said that the Tokyo District Public Prosecutor’s Office on December 16 decided not to pursue complaints filed by the company against U.S.-based casino operator Wynn Resorts Ltd and chairman Steve Wynn. The claims included circulation of rumours, defamation and harm to public trust.
In 2012, Wynn Resorts decided to buy out Mr Okada’s 20 percent stake in the company forcibly, after a year-long internal investigation alleged that the Japanese businessman offered cash payments and gifts totalling approximately US$110,000 to executives at the Philippines casino regulator, breaching U.S. anti-corruption laws.
Mr Okada was Wynn Resorts’ biggest single shareholder.
Mr Okada, Wynn Resorts and Mr Wynn have since been involved in a lengthy series of lawsuits, taking place both in the U.S. and Japan.
May 30, 2023
May 24, 2023
Jun 02, 2023
Jun 02, 2023
Jun 02, 2023
Genting Singapore Ltd says Lam Yi Young has resigned from his role as deputy chief executive of Resorts World at Sentosa Pte Ltd. The latter firm is an indirect wholly owned subsidiary of Genting...Jun 01, 2023
Alfastreet, a manufacturer of electronic gaming machines,...Jun 01, 2023
Casino equipment maker Sega Sammy Creation Inc is tweaking...Jun 01, 2023
The iGaming segment in Asia “has grown rapidly” since...May 31, 2023
Showing slot machine players – via animations on the...May 31, 2023
Macau stocks in likelihood “have been punished too much...May 31, 2023
There are foreign companies still interested in investing...May 31, 2023
Thailand could pass the necessary enabling legislation for...May 30, 2023
China will remain a key market for Asian gaming...May 30, 2023
Alejandro Tengco (pictured in a file photo), chairman and...May 30, 2023
There are “plenty of reasons” for the global gaming...May 30, 2023
Gaming equipment provider International Game Technology Plc...May 30, 2023
The Global Gaming Expo (G2E) Asia 2023 Special Edition:...May 29, 2023
Austria-based gaming equipment maker and operator Novomatic...May 25, 2023
Sports betting and online casino operating platform...May 24, 2023
The business performance in Asia of gaming content and...May 18, 2023
The organisers of Global Gaming Expo (G2E) Asia 2023...May 17, 2023
Gaming content and equipment supplier Light & Wonder...May 16, 2023
Casino equipment maker Sega Sammy Creation Inc is to...May 09, 2023
Casino slot machine and digital gaming content provider...May 05, 2023
The Global Gaming Expo (G2E) Asia event in Singapore is the...May 04, 2023
An adviser to a Thailand parliamentary committee mulling...(Click here for more)
US$8.1 billion
Macau’s casino gross gaming revenue in the five months to May 31