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CasinoOctober 26, 2022·1 min read
Kazuo Okada Arrested in Philippines Amid $3 Billion Casino Dispute
Billionaire Japanese gaming tycoon Kazuo Okada was arrested as he arrived at the Ninoy Aquino International Airport in the Philippines on Monday morning. Okada faces charges of “grave coercion” related to a hostile takeover of the Okada Manila resort in May. Okada was ousted from Okada Manila’s parent company, Universal Entertainment, in 2017 on suspicion of misappropriating funds.
The Philippine Supreme Court ruled that Okada should be reinstated as the owner of the Okada Manila resort. This led to chaotic scenes as Okada’s supporters and associates physically took over the Okada Manila resort in May, with Okada appointing his own board. The Philippine Amusement and Gaming Corporation (PAGCOR) intervened, and control of the Okada Manila was passed to Universal Entertainment Corporation (UEC).
UEC share prices rose by as much as 14% in Tokyo trading as news of the arrest broke.
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