Ghost Month: August 11 - September 6

*IPO* TRELI - Tiger Resort Leisure & Entertainment Inc.
#1 that's what its symbol's gonna be Tongue

Okada Manila operator still studying IPO plan

Tiger Resort Leisure & Entertainment Inc., the operator of integrated casino and resort Okada Manila, is reviewing plans to hold an initial public offering, its parent company in Japan said Wednesday.

Universal Entertainment Corp. owned by Japanese gaming and pachinko mogul Kazuo Okada said: “At present the company is reviewing the possibility of an IPO for TRELI and we will disclose promptly if any such plan is decided and materialized.”

Universal Entertainment said in statement posted on its website that it was not aware of any plan to acquire a Philippines-based listed firm for possible backdoor listing.

Reports came out early this week that Okada was considering the possibility of acquiring listed Bright Kindle Resources and Investments Inc. for the prospective backdoor-listing of its casino venture.

“There was an overseas media coverage stating that Mr. Kazuo Okada, former chairman and director of Universal Entertainment Corp., will acquire the management rights of a list company to merge Okada Manila, an integrated casino resort project of the company, into the company. However the company is not aware of any such actions by him,” Universal Entertainment said.

Okada Manila, which opened in late 2016, is a $2.4-billion integrated gaming and resort development at Entertainment City in Parañaque.

Phase 1 of the project covers 21.55 hectares with 41,000 square meters of gaming area involving 500 gaming tables and 3,000 electronic games, two hotel towers offering 933 rooms, 21 food and beverage outlets, a 3,000-square-meter spa, a beach and night club occupying 4,500 square meters of space and one of the world’s largest dancing fountains.

Once fully operational, the 44-hectare Okada Manila is set to become the largest integrated entertainment resort in the country.

Okada Manila is the third integrated resort casino that opened in Entertainment City after Bloomberry Resort’s Solaire Resort & Casino and Melco Crown’s City of Dreams.

Both Bloomberry and Melco are listed with the Philippines Stock Exchange.

The fourth and final casino player―Travellers International’s West Side City Resorts World―targets to launch its casino operations by 2020.

...2 more years pa? tagal namang backdoor yan Big Grin

Universal Entertainment “Not Aware” of Kazuo Okada’s Plans to Backdoor-List Manila Casino Resort

Universal Entertainment Corp., the Japanese gaming machine manufacturer, said that it had no knowledge of potential attempts by businessman Kazuo Okada to acquire a Philippines-listed company and merge it with the manager of Manila-based casino resort Okada Manila and thus backdoor-list the property.

The Japanese group’s comment came after reports emerged that Tiger Resort, Leisure & Entertainment, the company that controls the complex, has been in talks to acquire Philippine publicly traded firm Bright Kindle Resources.

In a statement from earlier today, Universal Entertainment explained that Tiger Resort is indeed responsible for the operation of Okada Manila and that the company is a consolidated subsidiary of the Japanese gaming group. However, Mr. Okada currently has no involvement in the operation of the casino resort, as pointed out by Universal Entertainment itself.

As previously reported, the Japanese tycoon was ousted from the boards of both Tiger Resort and its parent, due to allegations that he had transferred, without the specific approval of fellow board members, a considerable amount of money to a third party. The recipient had then extended the money to a business entity owned by Mr. Okada. An investigation was then opened into the alleged improper movement of funds and more similarly questionable instances emerged.

In its statement, Universal Entertainment revealed that it has been considering the possibility to issue an IPO for Tiger Resort, but no decision has been taken yet. The company is set to release more details when it decides on whether the move will be materialized.

Backdoor-Listing and the Philippines’ Casino Industry

Backdoor-listing has not been a rare practice within the nation’s casino industry. Here it is important to note that together with three more integrated resorts, Okada Manila is part of a grander scheme for the construction of a hotel, gaming, and entertainment complex in the heart of the Philippine capital.

Okada Manila is the third resort to have been launched as part of what is known as Entertainment City project. Bloomberry’s Solaire Resort & Casino and Melco Resorts & Entertainment’s City of Dreams Manila were the first to open doors in the Manila Bay area and they were both backdoor-listed through a local publicly traded vehicle.

According to reports from local media from earlier this week, Bright Kindle Resources was planned to be acquired by Tiger Resort and then used so that the casino operator is listed on the Philippine exchange. Unnamed sources had reportedly said that the backdoor-listing process would take around two years to be completed.

Okada Manila hosted its opening in March 2017 after multiple delays. The $2.4-billion resort represented a goal of Mr. Okada’s to enter a market he believed would be a highly lucrative one. The March opening celebrated the first phase of the project, which occupies 22 hectares of land. The whole resort is planned to spread over 44 hectares of land. Construction work on the resort’s second phase is expected to commence late this year.

...ayus 'to ah Tongue  mala-telenovela din ang dating...mukhang matatagalan ang backdoor nire

Okada Manila minus Okada

Middle of last year, local media reported that Japanese billionaire Kazuo Okada had been kicked out as board chairman of Tiger Resort Leisure and Entertainment, Inc. (TRLEI), owner of Okada Manila.

His removal was in connection with an internal investigation conducted by Universal Entertainment Corp. (UEC), to which the resort casino belonged to, which discovered that Okada improperly transferred company funds. UEC, whose founder and chairman is Okada, is a Japanese maker of slot machines. Okada is said to own 74 percent of publicly traded UEC, whose main business is manufacturing and selling pachinko machines and casino equipment.

The company said that it had found potential problems relating to a HK$135 million ($17 million) loan from TRA in 2015 to an unnamed third party. Almost the entire amount was subsequently transferred to Okada Holdings to personally benefit Okada.

UEC in its website had also revealed that a wholly owned subsidiary in South Korea, Universal Entertainment Korea Co. Ltd. disbursed $170,000 related to an $80 million loan taken out by Okada Holdings Ltd. for a land transaction in 2014. Okada Holdings, which is controlled by Okada and his relative, is the majority owner of Universal Entertainment. The amount disbursed equaled interest due on the loan that should have been paid by Okada Holdings rather than by the SoKor subsidiary.

In 2014 while he was a director of Universal Entertainment Korea, Okada allegedly made the firm pay the interest on the $80-million loan taken out by his family-owned firm from the Singapore branch of Korea Exchange Bank. The loan was supposedly the downpayment for the purchase of land as site for UEC’s Incheon World City Project which Okada allegedly did not even pay.

UEC also said that Okada in 2015 withdrew HK$16 million ($2 million) from a bank account of Tiger Resort Asia Ltd. (TRA), a HongKong subsidiary of Universal where Okada was the sole director at the time.

According to sources, it appears that Okada is an art collector and used part of the $17 million (HK$135), or about $2 million (HK$15 million) to pay for artworks that he had acquired.

Okada reportedly collects Japanese, Chinese and Korean art and has opened his own art museum in Tokyo.

The remaining HK $120.5 million remains unaccounted for, and may likely have been spirited away by Okada and his accomplices.

Charges had also been filed against him in Tokyo involving the HongKong art procurement and the $80-million loan for land procurement in Incheon both of which were carried out without proper authority.

Back in 2012, Okada was ousted as director of US casino operator Wynn Resorts following reports that he had wined and dined Philippine gaming officials in possible violation of US anti-bribery laws.

Okada is also facing criminal charges both here.

The gaming tycoon, Okada is facing two complaints for estafa filed by TRLEI before the Parañaque City Prosecutors’ Office. Another complaint for perjury was filed by TRLEI against him before the Makati City Prosecutors’ Office.

In the first estafa case, it has been alleged that Okada illegally paid himself over $3 million as his consultancy fees and salaries as TRLEI chief executive officer when he assumed the said position from April to May 2017.

 TRLEI alleged that Okada caused the disbursement of the corporate funds through his accomplice, Takahiro Usui, who was then TRLEI president and chief operating officer. The complainant claimed that there was no board resolution approving or authorizing the payment of such astronomical sums to Okada, whether as consultancy fee or salary.

It said that since these amounts received by Okada were fraudulently disbursed as these were not authorized or approved by TRLEI board of directors.

 The complaint also noted that Okada and Usui upon demand, failed to account for and return the disbursed amount held by them in trust, which creates a legal presumption of misappropriation and a ground for estafa or embezzlement.

The second estafa case involves the supply of light emitting diode (LED) fixtures to Okada Manila by Okada’s company, Aruze Philippines Manufacturing Inc. (APMI). The LED fixtures were later found to be defective and APMI turned out to be not authorized to engage in the manufacturing of lighting materials contrary to its claim.

Both Okada and Usui were removed in a June 2017 urgent special stockholders’ meeting of TRLEI as directors and officers.

Meanwhile, TRLEI had also filed perjury charges before the Paranaque City RTC against Okada and Usui after they claimed that TRLEI did not submit an updated general information sheet for 2017 before the Securities and Exchange Commission (SEC) and that TRLEI employees and establishments inside the resort were to be removed prior to closing shop.

 TRLEI insisted that the company submitted the amended GIS for 2017 and that there has been no mass layoff of employees nor closure of any business establishments operating in Okada Manila. In fact, more workers were being hired by Okada Manila to provide manpower for its now-burgeoning operations, it added.

Also, according to news reports, Okada and his company have been under investigation by the Federal Bureau of Investigation (FBI) over a $40 million payment to a Manila-based consultant in 2010. The investigation focused on whether the payment was aimed at helping Universal gain tax and ownership concessions for the casino from the Philippine government.

Okada Manila opened in December 2017. The $2.4-billion  casino resort was billed by Okada, who ranks among Japan’s wealthiest people, as a way to tap into the growth of Asian gaming and to diversify Universal’s revenues.

It is estimated that from a 13 percent local market share, Okada Manila’s share of the pie could grow to as high as 32 percent by the end of next year, but this of course would depend on how the casino resort would fare without its biggest fan.


Okada estafa cases dropped for lack of probable cause

THE Office of the City Prosecutor of Parañaque City has dismissed for lack of probable cause the two separate estafa cases filed by Tiger Resort Leisure and Entertainment, Inc. (TRLEI) against Japanese gambling mogul Kazuo Okada and several other respondents.

Mr. Okada was the chief executive officer of TRLEI’s Okada Manila casino resort before he was sacked in June 2017 in connection to his alleged unauthorized consultancy payments amounting to $3,158,835.62 and his acquisition of defective LED strips worth $7,091,065.78 from his own supply company Aruze Philippines Manufacturing, Inc. (APMI). TRLEI charged him with two separate estafa complaints for the incidences.

Copies of the court’s resolutions obtained by BusinessWorld showed that Assistant City Prosecutor Romeo G. Bautista IV dismissed both estafa cases as no probable cause could be established to prove that Mr. Okada and his co-accused were guilty of committing their alleged crimes.

The $3-million case was dismissed in a five-page resolution dated May 11 that said, “all told, there being painful failure to establish probable cause that the respondents have committed the crime charged against them, the instant Complaint must be recommended dismissed.”

Aside from Mr. Okada, also charged in the case was Takahiro Usui, Okada Manila’s former chief operating officer and president, for allegedly being involved in the misappropriation of the funds.

The court also ruled that the case was intra-corporate, thus outside the court’s jurisdiction.

“A legal remedy may lie before appropriate forum/fora taking into consideration the intra-corporate nature of the instant Complaint; but definitely not before this very Office since it only receives complaints involving acts that are criminal in nature,” it said.

Mr. Bautista issued similar rulings on the $7-million case involving the allegedly defective LED lights, saying in a seven-page resolution dated May 18, “following a painstaking review of the pieces of evidence presented, this Office finds no probably cause to indict the respondents for the crime charged.” The court said the case was outside its jurisdiction as it was civil in nature.

Charged in the case were APMI, Mr. Okada, Kengo Takeda and Tetsuya Yokota.

Both resolutions said, “finding that there is no probably cause that the respondents have committed the crime charged against them does not altogether equate to a finding that the complainant has no other recourse against the alleged wrong done, given that what is before it only specifically concerns the alleged criminal act of the respondents.”

The Department of Justice (DoJ) vowed to investigate the alleged premature release of these court resolutions by a close companion of Mr. Okada as early as May 18 and sought for the inhibition of City Prosecutor Amerhassan C. Paudac from the case, citing bias.

Prosecutor Jorge G. Catalan, Jr., the DoJ’s head prosecutor, also recused himself from the cases after TRLEI’s request as he had been involved in a previous perjury case against Mr. Okada that eventually dismissed.


Forum Jump:

Users browsing this thread: 1 Guest(s)