• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Saturday 23 August 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
No Result
View All Result
IAG
No Result
View All Result

Okada Manila owner seeks delay to NASDAQ listing, asks Philippines SEC to resist Kazuo Okada-led board

Ben Blaschke by Ben Blaschke
Sun 12 Jun 2022 at 07:10
Improved Okada Manila performance not enough to push Japan’s Universal Entertainment Corp back to profit in 2021
50
SHARES
1.3k
VIEWS
Print Friendly, PDF & Email

The parent company of Okada Manila operator Tiger Resort, Leisure and Entertainment Inc (TRLEI), Universal Entertainment Corp, says it has resolved to delay the deadline for completion of its planned NASDAQ listing by three months until 30 September 2022.

In a filing, the Japanese gaming giant said that it had recently filed a Form F-4 registration statement with the US Securities and Exchange Commission which has become effective but now plans to make changes to the Form F-4 outlining risks associated with the recent takeover of Okada Manila by representatives of Kazuo Okada. Mr Okada was removed from the boards of Universal Entertainment Corp and TRLEI in 2017 for alleged fraud.

As a result, Universal will delay its merger with Special Purpose Acquisition Company (SPAC) 26 Capital Acquisition Corp from 30 June until 30 September.

In a separate press release, Universal subsidiary Tiger Resort Asia Ltd (TRAL) – the Hong Kong-registered entity that owns 99.9% of TRLEI shares – said it has formally opposed attempts by the Kazuo Okada-led group to update the company’s General Information Sheet (GIS) and has written a letter to the Philippines SEC to warn them of what TRAL describes as “the unscrupulous move.” This follows issuance by the Supreme Court of the Philippines of a status quo ante order (SQAO) requiring the TRLEI board be returned to its status of five years ago, before Kazuo Okada was removed.

Kazuo Okada had subsequently installed himself, Antonio Cojuangco, Dindo Espeleta, Manuel Lazaro, Yoshinao Negeshi, Takahiro Usui, Kengo Takeda, Steven Wolstenholme, Tetsuya Yokota, Hiroshi Kawamura, and Maximo Modesto Joel C. Flores as the new board of TRLEI which then oversaw the forced takeover of Okada Manila.

In the letter to the SEC, TRAL said the “legitimate officers” of TRLEI have highlighted that “the sham board was irregularly elected and that the proposed GIS containing their election was invalid.

“No notices of meeting were sent to TRLEI’s stockholders by the Corporate Secretary as provided in the By-Laws; and it was held without the participation of the majority shareholders holding 99.9 percent ownership of the shares, specifically, Tiger Resort Asia Limited (TRAL).”

TRLEI’s Corporate Secretary also attached an affidavit indicating that she “did not issue or send out a notice to any of the stockholders of TRLEI in relation to a stockholders’ meeting purportedly held on 2 May 2022.”

According to TRAL, TRLEI has now formally filed an Extremely Urgent Manifestation with Motion for Ad Cautelam before the Supreme Court of the Philippines asking it to declare the Kazuo Okada board as void for being violative of the status quo ante order (SQAO); to clarify that the takeover of Okada Manila is not allowed under the SQAO; and to direct the Kazuo Group to refrain from exercising management and board functions and surrender the physical possession of Okada Hotel to TRLEI.

“We are calling on all government bodies and agencies to only deal with the legitimate board of TRLEI,” said director Hajime Tokuda.

“We likewise urge the SEC to fulfill their mandate and refuse any attempt of the illegitimate group to make a mockery of the corporate institutions in the Philippines.”

RelatedPosts

Winford Resort & Casino Manila becomes first Philippines IR to commit to 30% plant-based menu by 2026

Winford Resort & Casino Manila becomes first Philippines IR to commit to 30% plant-based menu by 2026

Fri 22 Aug 2025 at 05:40
PAGCOR chair Tengco says transactions on licensed online gambling sites down 50% since ban on e-wallet links

PAGCOR chair Tengco says transactions on licensed online gambling sites down 50% since ban on e-wallet links

Thu 21 Aug 2025 at 05:35
Udenna subsidiary given US$42.5 million cash advance to complete first Philippines IR outside Manila

PH Resorts Group derecognizes almost US$400 million in property, financial liabilities linked to failed Emerald Bay project in Cebu

Mon 18 Aug 2025 at 06:03
Philippines eGames service provider PhilWeb back to profit in 1Q24

DigiPlus net income hits US$147 million in 1H25 as eGames sector keeps growing

Fri 15 Aug 2025 at 05:28
Load More
Tags: 26 CapitalKazuo OkadaNASDAQOkada ManilaPhilippinesSecurities and Exchange Commission
Share20Share4
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Editorial – Better late than never

Editorial – Better late than never

by Ben Blaschke
Thu 31 Jul 2025 at 07:13

Inside Asian Gaming has in recent weeks been hearing increasing chatter around a possible move by Vietnamese authorities to introduce...

Angel’s Yasushi Shigeta

Angel’s Yasushi Shigeta

by Ben Blaschke
Thu 31 Jul 2025 at 07:08

Yasushi Shigeta, Chairman and owner of one of the world’s largest gaming industry suppliers, Angel Group, sits down with Inside...

The Magic Number

The Magic Number

by David Bonnet
Thu 31 Jul 2025 at 06:41

In this in-depth deep dive into the evolution of the Asian gaming landscape, David Bonnet argues that many regional jurisdictions...

Rashid Suliman – A road well traveled

Rashid Suliman – A road well traveled

by Ben Blaschke
Thu 31 Jul 2025 at 02:45

Rashid Suliman, Vice President of Global Gaming Asia-Pacific for casino solutions provider TransAct Technologies, provides some insight into his unique...

Evolution Asia
Your browser does not support HTML5 video.
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
HKUST
NWR

Related Posts

Wynn Macau

Wynn Macau Ltd to redeem in full US$1 billion of outstanding notes due 2026 in September

by Ben Blaschke
Fri 22 Aug 2025 at 11:00

Wynn Macau Ltd confirmed Friday that it will redeem in full senior notes due 2026 and valued at US$1 billion on 2 September 2025. The redemption includes the company’s US$750 million 5.500% senior notes due 2026 issued in June 2020...

Indian court denies request to block all online gambling sites during cricket World Cup

Indian parliament bans all real-money online gambling

by Newsdesk
Fri 22 Aug 2025 at 06:21

The Indian parliament has passed a bill that will ban all real-money online gaming, including skill games such as fantasy sports and poker. Reuters reports that India’s upper house passed the controversial Promotion and Regulation of Online Gaming Bill 2025...

Sri Lankan cabinet approves creation of Gambling Regulatory Authority

Sri Lankan parliament passes Gambling Regulatory Authority Bill

by Ben Blaschke
Fri 22 Aug 2025 at 06:03

Sri Lanka’s Gambling Regulatory Authority Bill has been passed by the nation’s parliament with amendments, local media has reported. The Bill, which was gazetted in May under the directives of President Anura Kumara Dissanayake in his capacity as the Minister...

Winford Resort & Casino Manila becomes first Philippines IR to commit to 30% plant-based menu by 2026

Winford Resort & Casino Manila becomes first Philippines IR to commit to 30% plant-based menu by 2026

by Newsdesk
Fri 22 Aug 2025 at 05:40

Winford Resort & Casino Manila has become the first gaming complex in the Philippines to publicly commit to a comprehensive plant-forward initiative, pledging to make 30% of all menu offerings plant-based across its food service operations by early next year....

Your browser does not support the video tag.


IAG

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE
  • 中文

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • 中文
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • 中文
  • English