• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Okada’s Universal bides time on ‘missing cash’ report

Nov 03, 2014 Newsdesk Latest News, Philippines, Top of the deck  


Okada’s Universal bides time on ‘missing cash’ report

Kazuo Okada’s Universal Entertainment Corp said in filing to Jasdaq on Friday it would continue to delay publicising the results of an arms-length report it commissioned into the “outgo of US$30 million in total in 2010”. It cited the fact there was an ongoing criminal inquiry into the matter.

The filing confirmed Universal Entertainment had on May 29 filed criminal charges with the Tokyo District Public Prosecutors Office against a former company employee, based on the results of the report. The filing didn’t name the person.

In early June it was reported that a former employee of Universal Entertainment had himself in May filed a criminal complaint against Mr Okada. In that complaint, Takafumi Nakano alleged Mr Okada – who made his first fortune making pachinko machines in Japan – ordered the payment of bribes to advance the under-construction US$2.3-billion Manila Bay Resorts casino property (pictured in an artist’s rendering) in the Philippines.

In mid-June, a lawyer for Universal Entertainment said there was “no basis to allegations that improper payments were made to obtain preferential treatment.”

Universal Entertainment said on Friday of its own arms-length report: “Disclosing the interim report… would be inappropriate at this stage, given the possibility that such disclosure could cause obstructions to the investigation”.

Alleged illegal payments linked to the Manila Bay Resorts scheme 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.

In July last year, 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.

In September, Manila Bay Resorts’ developer Tiger Resort, Leisure and Entertainment Inc, a firm led by Mr Okada, said the property was on schedule for a first phase opening in late 2015.

In early October, the Philippine Amusement and Gaming Corp (Pagcor), the country’s gaming regulator, said it was considering ordering the forfeiture of a PHP100 million (US$2.2 million) guarantee lodged by Mr Okada’s side. It said that might happen if he failed to open Manila Bay Resorts in early 2015 as per an investment agreement.

It’s been reported that stalled negotiations over a majority local partner for the land on which the casino resort sits – as required by Philippines law – have led to delays in the project.


  • tweet
Related articles
  • Order to restore Kazuo Okada unclear, vague: Tiger Resort
    Order to restore Kazuo Okada unclear,...

    May 18, 2022  

  • Alleged bribe offer to ex-Wynn manager probed by HK, Macau
    Alleged bribe offer to ex-Wynn manager...

    May 17, 2022  

More news
  • Bloomberry plans 3rd Philippine casino, on coast near Manila
    Bloomberry plans 3rd Philippine casino,...

    May 19, 2022  

  • U.S. claim Steve Wynn China agent is hype says Beijing
    U.S. claim Steve Wynn China agent is...

    May 19, 2022  


Latest News

Bloomberry plans 3rd Philippine casino, on coast near Manila

Bloomberry plans 3rd Philippine casino, on coast near Manila

May 19, 2022  

Bloomberry Resorts Corp wants to build a third casino resort on the Philippines’ main island, Luzon. It would be at Paniman, a coastal community in Cavite, about 66 kilometres (41 miles) southwest...
Read More
U.S. claim Steve Wynn China agent is hype says Beijing

U.S. claim Steve Wynn China agent is hype says Beijing

May 19, 2022  

Aristocrat 1H normalised profit up 41pct, flags dividend

Aristocrat 1H normalised profit up 41pct, flags dividend

May 19, 2022  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day


US$403.9 million

Interim normalised profit after tax and amortisation reported by slot machine maker and online gaming content provider Aristocrat Leisure



Most Popular

  • Wynn CEO, Macau execs in base pay cut in return for sharesWynn CEO, Macau execs in base pay cut in return for shares May 17, 2022
  • Macau repeat visitors denied visa by China says BernsteinMacau repeat visitors denied visa by China says Bernstein May 16, 2022
  • U.S. says Steve Wynn ‘foreign agent’, lobbied for ChinaU.S. says Steve Wynn ‘foreign agent’, lobbied for China May 18, 2022
  • Alleged bribe offer to ex-Wynn manager probed by HK, MacauAlleged bribe offer to ex-Wynn manager probed by HK, Macau May 17, 2022
Copyright 2014-2022 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us