Universal Entertainment has dropped demands for damages against three employees in a case related to unauthorized payments to its casino project in the Entertainment City hub in the Philippines.
The waiver was filed on Friday to the Tokyo District Court, Reuters cited the company as saying.
The company, controlled by billionaire Kazuo Okada, had sought damages to cover $10 million claimed losses.
Okada has been engaged in a three-year legal battle with the former employees over $40 million in payments made in 2010 that have been the subject of separate investigations by the U.S. Federal Bureau of Investigation and the Nevada gaming regulator on suspicion they may have been bribes related to the casino project, the report said.
Okada and his companies have denied that the payments were used for bribery.
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Consolidation of the bases and advancement in adversity was the thrust of Macau Chief Executive’s policy address for 2021, though it gave little away when it came to the current pillar of the economy - the gaming industry.
Gaming suppliers, like all areas of the industry, have felt the pinch from the Covid-19 crisis, though their growing digital businesses have proved a bright spot and helped offset the impact of the crisis.
While nowhere in the world has escaped the economic fallout from the Covid-19 crisis, Macau has been hit harder than most, with forecasts for gross domestic product to shrink more than 50 percent this year.