Japan's Universal Entertainment takes over operations of Okada Manila casino

Japan's Universal Entertainment Corp said on Sunday its local representatives in the Philippines had taken over operations of the Okada Manila gambling resort, the latest step in a long-running ownership dispute.

In a statement accompanied by a copy of the local gaming regulator's September 2 order, Universal said the takeover of the $3.3 billion gambling facility, the largest in Southeast Asia, was "generally peaceful." The regulator, Philippine Amusement and Gaming Corp (Pagcor), said Tiger Resort Leisure and Entertainment, the developer and operator of Okada Manila, had withdrawn recognition of board members previously appointed by a group including Japanese tycoon Kazuo Okada. Pagcor also instructed Okada's Filipino partners to stop operating the casino and paying out money from the resort's coffers. Pagcor said only Okada himself will henceforth be recognized, in line with an April Philippine Supreme Court ruling that reinstated pachinko mogul Okada as chairman, shareholder and director of Tiger Resort. Okada was removed from the boards of both Tiger Resort and Universal in 2017. But Okada and his group of Filipino partners said on Sunday that Pagcor had defied the Supreme Court ruling and would pursue legal action. They did not elaborate on the matter. In a statement released on Saturday following Pagcor's decision, Okada Manila said "business continues as usual" at the 44-hectare (108-acre) resort. Okada Manila began operations in late 2016. With 993 suites and villas, 500 table games and 3,000 electronic gaming machines, it is the largest of four billion-dollar casino resorts operating in the Philippine capital, which has one of Asia's most liberalized gaming industries. Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!