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Sep 26, 2018

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Okada Manila Operator Eyes Expansion in Japan

Some of the companies that are said to be competing for a license include Melco Resorts and Entertainment Limited, MGM Resorts International and Las Vegas Sands Corporation. The Genting Group and Galaxy Entertainment are believed to also join the race for casino licenses. The Universal Entertainment Corporation, on the other hand, may have an advantage over most operators, as it is based in Tokyo. Apart from owning Okada Manila, it is also a large manufacturer of pachinko games and slot machines. The news that Universal is considering a casino expansion in Japan comes at a time when its former chairman, Kazuo Okada, is taking legal action against the firm and its owner, Universal. In May 2017, the Japanese gaming tycoon was removed as sole director of Okada Holdings, which owns 68 percent of Universal. The allegations against him included fraud and misappropriation of company funds, but the charges were eventually dismissed. Now, Mr. Okada has filed a suit with the Paraaque City Regional Trial Court against his former company. He claims his ousting was conducted without any authority and violated the rules of the corporation. Last year, his daughter Hiromi and his son Tomohiro combined their shares, which gave them the controlling stake in the company.

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