Philippines’ gaming regulator to probe Japanese billionaire’s ‘illegal and violent’ takeover of Manila casino
- In April, court said Kazuo Okada could again lead the Okada Manila casino-resort, which he was ousted from in 2017 on suspicion of misappropriating US$3 million
- Tiger Resorts appealed against the Supreme Court ruling and refused to vacate the premises pending a decision, says Okada’s team took casino ‘by force’ in May
Philippine gaming authorities on Wednesday said they would investigate an incident where representatives of a Japanese casino billionaire entered a Manila casino to take physical control of the premises from its operator.
The Philippines’ Supreme Court in April ruled that Kazuo Okada could once again lead the Okada Manila integrated casino-resort as head of its operator Tiger Resorts, a position he was ousted from in 2017 on suspicion of misappropriating US$3 million.
But Tiger Resorts has appealed against the Supreme Court ruling and, had refused to vacate the premises pending a decision on its appeal.
Okada Manila went public in the United States in 2021 through a merger with blank-check firm 26 Capital Acquisition Corp in a deal valued at US$2.5 billion.
Estrella Elamparo, legal counsel for Tiger Resorts, said the May 31 takeover was “illegal and violent”, saying Okada’s team had taken “by force the physical premises”.