Akihabara News (Tokyo) — In the month since forces loyal to Japanese casino mogul Kazuo Okada took over by force the major casino resort Okada Manila from Tokyo-based Universal Entertainment Corporation, the stalemate has continued.
The Okada group remains in physical control of the US$3.3 billion casino resort, but Universal Entertainment’s local subsidiary Tiger Resort, Leisure & Entertainment, Inc. (TRLEI) claims to have the legitimate board of directors.
Lawsuits are underway to resolve the various disputes—the main leadership question before the Supreme Court of the Philippines as well as the claims associated with the violence employed by the Okada group when they suddenly seized the casino resort on May 31.
For its part, TRLEI claimed success a couple weeks ago in convincing three Philippine banks to freeze the Okada Manila accounts, depriving the Okada group of funds it needs and, as they put it, “casting doubt on its operational stability after its cage money runs dry.”
The Okada group responded that such actions have “no effect at all on Okada Manila’s commitment to its partners and valued patrons.”
This entire drama in the Philippines has taken place at the same time as Universal Entertainment was in the midst of applying to have the Okada Manila resort listed on the US Nasdaq stock exchange through a merger with the special purpose acquisition company 26 Capital Acquisition Corporation.
Universal Entertainment continues to project confidence that its ownership rights to the Okada Manila casino resort will ultimately be recognized and that the Okada group will be ejected from the premises, but that is ultimately a matter for decision by the Southeast Asian nation’s Supreme Court.
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