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Casino

Okada Manila casino, at centre of ownership dispute, gets more visitors

Monday 11 de July 2022 / 12:23

2 minutos de lectura

(Manila).- Okada Manila, the Philippine casino at the centre of a bitter dispute about its ownership, saw a pick up in visitors in June from the month before, management said.

Okada Manila casino, at centre of ownership dispute, gets more visitors

Foot traffic climbed 8per cent from May and was around 74per cent of its pre-pandemic level, it said in a statement, adding the casino planned to open more shops and add entertainment attractions.


"With the economy and borders opening up, Okada Manila is expected to sustain the momentum," management said in the statement as it held its first news conference since it took physical control of the casino on May 31.


Filipino associates of Japanese tycoon Kazuo Okada seized the US$3.3 billion casino, which is owned by Tiger Resort, Leisure & Entertainment, ousting its previous management with the help of private security guards and local police.


The move came after the Philippines' Supreme Court in April issued a "status quo ante order", reinstating Okada, who had been ousted in 2017, as CEO of the casino-resort.


Tiger Resort's ousted board has sued Okada's group, accusing it of using "brute force and intimidation" in a "violent" takeover of the property, and has also appealed the court decision.


Norman Golez, Okada's lawyer, told Monday's news conference the May 31 takeover was legal and peaceful.


The ousted board reiterated on Monday that it was in fact "a violent takeover".


Tiger Resort, owned by Japan's Universal Entertainment Corp, said Okada Manila's growth was driven by a recovery plan developed by previous officials, and influenced by the pent-up demand for leisure activities. Okada was also ousted from Universal's board in 2017.


Universal has agreed to merge Okada Manila with 26 Capital Acquisition Corp, a Nasdaq-listed blank check firm, for US$2.5 billion and has extended its deadline for the merger to Sept. 30 in the wake of the takeover of the property.


26 Capital has said it believes Universal will be back in control of Okada Manila soon.


The 44-hectare (108-acre) Okada Manila started operations late in 2016. With 993 suites and villas, 500 table games and 3,000 electronic gaming machines, it is the biggest of four multibillion-dollar casino-resorts operating in the capital of the Philippines, which has one of Asia's most freewheeling gaming industries.

Categoría:Casino

Tags: Sin tags

País: Philippines

Event

Peru Gaming Show 2025

18 de June 2025

Successful closing of Peru Gaming Show 2025

(Lima, SoloAzar Exclusive).- With a great attendance and an agenda full of innovation, the 2025 edition of Peru Gaming Show (PGS), one of the most relevant events of the gaming industry in Latin America, came to a successful conclusion.

Friday 20 Jun 2025 / 12:00

PGS 2025: The Future of Gaming in Latin America is Discussed Today in Lima

(Lima, SoloAzar Exclusive).- The second day of Peru Gaming Show 2025 is packed with innovation, networking, and strategic analysis. With 87 exhibitors, keynote addresses, and business opportunities, today's discussion focuses on challenges in marketing, regulation, and the evolution of online gaming. Learn more in this article.

Thursday 19 Jun 2025 / 12:00

PGS 2025: The Largest Games of Chance Event in Latin America Starts Today, Bringing Together the Industry in Lima

(Lima, SoloAzar Exclusive).- Peru Gaming Show, the largest international gaming show in Latin America with 22 years of experience, begins a new edition today at the Jockey Exhibition Center. PGS covers topics of interest to the industry and will bring together more than 8,000 visitors from around the world to learn about the latest developments and interact with industry executives. Learn more in this article.

Wednesday 18 Jun 2025 / 12:00

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