Home > Finance > Universal Ent delays Okada Q2 results as it promises to “reclaim” property

Universal Ent delays Okada Q2 results as it promises to “reclaim” property

| By Marese O'Hagan
Tiger Resort, Leisure and Entertainment Inc (TRLEI) parent company Universal Entertainment has chosen to delay TRLEI's Q2 financial results, as its dispute with Kazuo Okada over Okada Manila rumbles on.
Catena Q1

Okada Manila had been owned and operated by TRLEI, though a recent court ruling has since created a dispute over who currently controls the property.

The results were originally scheduled for 9 August, but have been delayed indefinitely.

In a statement, Universal Ent said Kazuo Okada has refused to give any financial information to the company, meaning that it cannot release any Q2 results.

Kazuo Okada was removed from the role of chief executive role of TRLEI in 2017, with TRLEI citing a “misappropriation” of funds. This year, after an appeal, the Philippine Supreme Court reinstated Kazuo Okada by issuing a status quo ante order.

In May, Universal Ent filed a motion for the Court to reconsider. If the Court retracts its status quo ante order, Universal Ent said it would “promptly move forward with reclaiming the Okada Manila facility, guaranteeing the safety of its employees and normalising its operation”.

After he was reinstated, it is alleged that Kazuo Okada – along with a number of others – “entered and occupied” the Okada Manila resort.

In June TRLEI announced its intent to file charges over the incident, which it called an “illegal occupation”.

Kazuo Okada has strenuously denied the allegations, stating that he had entered the Okada Manila resort to negotiate and that “no slanderous or violent acts ever took place.

Subscribe to the iGaming newsletter