Universal Entertainment Corp, Okada Manila’s parent business, claims it expects an exceptional loss of around JPY1.6 billion ($11.48 million) in the third quarter due to the unlawful possession of Okada Manila by Mr. Okada and a gang operating under his directions.
Universal Entertainment operates Okada Manila with its subsidiary Tiger Resorts, Leisure and Entertainment (TRLEI).
The property was occupied between May 31st and September 2nd of this year, according to the corporation, and the group has already reported a JPY20 million ($143,500) loss due to unlawful occupation and payment of JPY20 million related with the illegal occupation.
‘TRLEI executives were fired, employees who did not follow orders were fired, contracts and other TRLEI documents that can be used as evidence were taken to a different location, some physical assets were improperly acquired (some cash handled at the casino cage was taken to a different location), and there are suspicions that digital data were altered,’ Universal Entertainment said in a statement.
In October, authorities in the Philippines detained Kazuo Okada on coercion charges related to the takeover. Okada’s defense team unsuccessfully sought dismissal of the charges in Manila courts.
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