Okada Manila casino, at centre of ownership dispute, gets more visitors (updated)

26 Capital Acquisition

11/07/2022 12:01

(Adds comments from ousted officials in paragraph 8 and 9)
    MANILA, July 11 (Reuters) - Okada Manila, the Philippine
casino at the centre of a bitter dispute about its ownership,
saw a pick up in visitors in June from the month before,
management said.
    Foot traffic climbed 8% from May and was around 74% of its
pre-pandemic level, it said in a statement, adding the casino
planned to open more shops and add entertainment attractions.
    "With the economy and borders opening up, Okada Manila is
expected to sustain the momentum," management said in the
statement as it held its first news conference since it took
physical control of the casino on May 31.
    Filipino associates of Japanese tycoon Kazuo Okada seized
the $3.3 billion casino, which is owned by Tiger Resort, Leisure
& Entertainment, ousting its previous management with the help
of private security guards and local police.
    The move came after the Philippines' Supreme Court in April
issued a "status quo ante order", reinstating Okada, who had
been ousted in 2017, as CEO of the casino-resort.    
    Tiger Resort's ousted board has sued Okada's group, accusing
it of using "brute force and intimidation" in a "violent"
takeover of the property, and has also appealed the court
decision.
    Norman Golez, Okada's lawyer, told Monday's news conference
the May 31 takeover was legal and peaceful.
    The ousted board reiterated on Monday that it was in fact "a
violent takeover".
    Tiger Resort, owned by Japan's Universal Entertainment Corp
 6425.T , said Okada Manila's growth was driven by a recovery
plan developed by previous officials, and influenced by the
pent-up demand for leisure activities. Okada was also ousted
from Universal's board in 2017.
    Universal has agreed to merge Okada Manila with 26 Capital
Acquisition Corp  ADER.O , a Nasdaq-listed blank check firm, for
$2.5 billion and has extended its deadline for the merger to
Sept. 30 in the wake of the takeover of the property.
    26 Capital has said it believes Universal will be back in
control of Okada Manila soon.  urn:newsml:reuters.com:*:nL1N2Y3020 
    The 44-hectare (108-acre) Okada Manila started operations
late in 2016. With 993 suites and villas, 500 table games and
3,000 electronic gaming machines, it is the biggest of four
multibillion-dollar casino-resorts operating in the capital of
the Philippines, which has one of Asia's most freewheeling
gaming industries.

 (Reporting by Neil Jerome Morales Editing by Edwina Gibbs and
Mark Potter)
 ((neiljerome.morales@thomsonreuters.com; +632 8841 8914;))