Okada Manila casino, at centre of ownership dispute, reports better June traffic

26 Capital Acquisition

11/07/2022 08:08

MANILA, July 11 (Reuters) - Okada Manila, the Philippine
casino at the centre of a bitter drama-filled dispute about its
ownership, saw improved business in June, its current management
said.
    Foot traffic in June climbed 8% from a month earlier and was
around 74% of its pre-pandemic level, it said in a statement,
also saying that 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," current 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 held 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 the Monday news
conference that the May 31 takeover was legal and peaceful. 
    The ousted board did not have immediate fresh comment on
Monday. Tiger Resort is owned by Japan's Universal Entertainment
Corp  6425.T  which has called the seizure of the casino an
"illegal occupation". 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
some $2.5 billion and has extended its deadline for the merger 
to Sept. 30 in the wake of the takeover.
    The SPAC 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
multi-billion 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)
 ((neiljerome.morales@thomsonreuters.com; +632 8841 8914;))