Scientific Game

Tiger Resort Asia Ltd files HK$136 million damages suit against Kazuo Okada

Monday, 01 January 2018 15:11
Visit us

Universal Entertainment Corporation’s wholly owned Hong Kong subsidiary Tiger Resort Asia Limited (TRA) has filed a damages suit against its former board member Kazuo Okada to the tune of HK$136.05 million.

In an announcement, Universal revealed that it had filed the suit with the High Court of the Hong Kong SAR on 27 December 2017 “as a part of the damage suffered by the company due to his negligence of duty as a board member of the company in connection with misconducts by Mr Okada.”

It follows a similar suit filed directly by Universal with the Tokyo District Court exactly one month earlier on 27 November 2017.

This latest suit relates to two cases of alleged fraud by Mr Okada involving TRA funds. The first, which took place between February and March 2015, allegedly saw Mr Okada arrange a loan of HK$135 million from TRA to Goldluck Tech Limited to pay for artworks “without requesting any collateral and without imposing any interest to Goldluck Tech Limited,” Universal said. The funds were subsequently refunded to Okada Holdings – a company controlled by Mr Okada – with HK$120.05 million of the loan yet to be recovered by TRA.

The second case, in May 2015, allegedly saw Mr Okada issue a bearer check in the amount of HK$16 million from a bank account under the name of TRA before withdrawing the HK$16 million from TRA’s account three days later based on the check.

Universal said it will disclose any future developments in the case against Mr Okada as they happen.


What's new

Japan extends Diet session to pass long-awaited IR bill

Japan extends Diet session to pass long-awaited IR bill Japan’s lower house has voted to extend the current Diet session until 22 July in order to pass key legislation, including the long-awaited IR Implementation Bill. The IR bill passed through the lower house on Tuesday but was in danger of stalling again with the standard 150-day Diet session orig... Wednesday, 20 June 2018 18:50

Resorts World Manila to launch the Philippines’ first Ritz-Carlton

Resorts World Manila to launch the Philippines’ first Ritz-Carlton By Muhammad Cohen Resorts World Manila (RWM) is set to become home to the Philippines’ first Ritz-Carlton. Inside Asian Gaming has learned that as a key part of RWM’s multi-million makeover, the current Maxims hotel is being converted into a Ritz-Carlton with the launch date scheduled for late... Wednesday, 20 June 2018 06:14

NagaCorp boss increases majority stake

NagaCorp boss increases majority stake NagaCorp CEO Chen Lip Keong has increased his shareholding in the company with the purchase of 5.4 million shares for a total consideration of HK$39.6 million. In a filing to the Hong King Stock Exchange overnight, NagaCorp said that Dr Chen had completed the on-market purchase of the shares, lifti... Wednesday, 20 June 2018 05:54

PhilWeb adds two new eGames sites to portfolio

PhilWeb adds two new eGames sites to portfolio Philippines gaming services provider PhilWeb Corporation has acquired two PAGCOR eGames sites in Consolacion and Lapu-Lapu City in Cebu through its subsidiary BigGame, Inc. The sites were acquired from Golden Frontier Gaming, PhilWeb announced, for a cash payment of Php2.5 million plus 394,322 comm... Wednesday, 20 June 2018 05:52

Current Issue

Tribal Ambition

Tribal Ambition By Muhammad Cohen and Ben Blaschke   Mohegan Gaming and Entertainment CEO Mario Kontomerkos believes the Native American casino operator has two aces in the hole for Japan, especially when it comes to the so-called regional markets beyond major areas. In his presentation at last month’s Japan ... Monday, 04 June 2018 20:55

Social Gathering

Social Gathering By Shaun McCamley   Social casino gaming is booming. In 2017, the global social gaming industry generated a whopping US$106 billion in revenues, with the social casino segment generating US$4.5 billion in revenues. Not surprisingly China, Japan and Korea generated 90% of the games revenue in the... Monday, 04 June 2018 20:44

Redefining Tourism

Redefining Tourism By Muhammad Cohen   In an era when tourism constitutes a growing portion of the global economy, integrated resorts present a potent although frequently misunderstood means for growing visitor arrivals and revenue. It’s not simply the casino but their range of attractions that make IRs such powe... Monday, 04 June 2018 20:37

Japan IR Timeline

Japan IR Timeline By Ben Blaschke   What year for Japan’s first IR? It’s a question that continues to divide industry stakeholders, the answer further clouded by the substantial disparity in opinion offered at last month’s Japan Gaming Congress (JgC) in Tokyo. At the nearer end of the scale, members of the... Monday, 04 June 2018 20:27