MANILA: The present administration of Okada Manila, the Philippine casino at the center of a contentious ownership battle, claims that business increased in June.
It said that foot traffic was up 8% from a month earlier in June and was 74% of its pre-pandemic level, and that the casino planned to open more stores and add entertainment activities in response to the increased interest.
Current management said in a statement that Okada Manila is expected to maintain its momentum as the economy and borders open up. Okada Manila assumed physical control of the casino May 31.
The $3.3 billion Tiger Resort, Leisure & Entertainment casino was taken by Filipino allies of Japanese businessman Kazuo Okada, who ousted its former administration with the help of private security guards and local police.
Moved following a ruling from the Philippines Supreme Court in April, which reinstated Okada, who was fired as CEO of the casino-resort in 2017.
Previously, the Tiger Resort board of directors was forced to resign after claiming that Okada’s company had taken over the resort “violently” and filed a lawsuit against Okada’s group and challenged the court’s judgment against them.
Okada’s lawyer, Norman Golez, said during a press conference on Monday that the takeover on May 31 was lawful and peaceful.
he board of directors that was fired on Monday had no quick response. Universal Entertainment Corp., the Japanese company that owns Tiger Resort, has described the takeover of the casino as a “illegal occupation.” It was also in 2017 when Okada was dismissed from Universal’s board.
As a result of the takeover, Universal has agreed to pay $2.5 billion to 26 Capital Acquisition Corp, a Nasdaq-listed blank check company, to merge Okada Manila with it. The deadline for the merger has been extended to Sept. 30.
The SPAC anticipates that Universal will regain control of Okada Manila in the near future, according to the SPAC.
As of the end of 2016, the 44-hectare (108-acre) Okada Manila had already begun operating as a business. The largest of four multi-billion dollar casino-resorts operating in the capital of the Philippines, Manila, which has one of Asia’s most freewheeling gaming sectors, contains 993 suites and villas, 500 table games and 3,000 electronic gaming machines.