Kazuo Okada, a Japanese casino tycoon, has been removed from his post as CEO of Universal Entertainment after a wide-ranging investigation into allegations of illegal outflows of 2 billion yen ($18.15 million).
He recently launched a new project for an integrated resort in Entertainment City, which is currently being developed by the Philippine Amuse and Gaming Corporation. However, it turned out that its subsidiary Tiger Resort convened a meeting and officials voted to dismiss him as the company’s chairman.
The reason behind this sudden decision is their professional misconduct. Both Mr. Okada and his company’s fellow directors have been charged with “serious breaches of governance.”A loan of HK$135 million ($17.3 million) was remitted from a Hong Kong subsidiary of the group called Tiger Resort Asia Ltd. Judge Manuel Lazaro was the man who made the decision to permanently remove him from company officials.
Meanwhile, Kenji Sugiyama will take over as chairman of the casino operator, and he will take control of the casino operator. The rest of the people responsible for the casino remain the same – Antonio Cozouanco, Ray David, and Steve Wallstenholme will continue to serve on the board.
Kazuo Okada was ranked 18th in Forbes’ 50 richest people in Japan and 15th on Japan’s billionaires chart. Okada currently resides in Hong Kong and owned 74% of Universal Entertainment at the time of his dismissal (formerly Aruje). He opened his first casino in Las Vegas with casino magnate Steve Wynn , followed by his second in Macau .
After Wynn refused to work with him on his next project , Okada founded his company Tiger Resort, Leisure and Entertainment, Inc. Its purpose is to further develop his plan to build real estate in Manila. It was alleged that he was removed from the board of directors of Wynn Resort , as he tried to bribe Filipino game officials with meals and drinks while they were in Las Vegas and Macau.
Okada was named – Okada Manila Integrated Casino with hotels, resorts and casinos is worth $2.4 billion. This is the biggest and bravest thing he has ever invested in, and his bets have been pretty high. Opened the hotel boasts 21 self – run restaurants with 993 rooms, 9,000 sqmi entertainment facilities, and night and indoor beach clubs. Even more impressive is the 800-meter glass corridor and $30 million dancing fountain.