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HomeNewsPhilippinesUniversal Entertainment: ‘Illegal occupation’ of Okada Manila equals $11.48mln loss in 3Q22

Universal Entertainment: ‘Illegal occupation’ of Okada Manila equals $11.48mln loss in 3Q22

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The parent company of Okada Manila, Universal Entertainment Corp, says that it’s expecting ‘an extraordinary loss’ of approximately JPY1.6 billion ($11.48 million) in the third quarter, associated with ‘the illegal occupation by Mr. Okada and a group acting under his instructions of Okada Manila.

Okada Manila is operated by Universal Entertainment under its subsidiary Tiger Resorts, Leisure and Entertainment (TRLEI).

The company notes that the occupation of the property took place between May 31st and September 2nd of this year, with the group already reporting a JPY20 million ($143,500) loss ‘due to illegal occupation and payment of JPY20 million associated with the illegal occupation’.

According to Universal Entertainment, during the occupation period ‘TRLEI executives were fired, employees who did not follow orders were fired, contracts and other TRLEI documents that can be used as evidence were taken to a different location, some physical assets were improperly acquired (some cash handled at the casino cage was taken to a different location), and there are suspicions that digital data were altered’.

Kazuo Okada was arrested by the Philippines police in October on coercion charges regarding the takeover of the facility. Manila courts have denied an attempt by Okada’s defense to dismiss the charges.

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