Tiger Resort eyes entry into Japan, Okada warns vs share sale deal
Tiger Resort Leisure and Entertainment Inc. (TRLEI), the operator of integrated resort Okada Manila, is looking at the possibility of expanding in Japan, which is poised to launch one of the biggest casino markets in the world.
In a disclosure in Tokyo, Universal Entertainment Corp. (UEC), the parent firm of TRLEI, said it would establish a branch in Japan to study the market there.
“The TRLEI Japan branch will be established for research and analysis of the integrated resort implementation bill of Japan and study of the potential of a casino resort business in Japan in the wake of the enactment of said bill in July with a view to becoming a future business contact such as customer solicitation and marketing activities,” UEC said.
Japan’s powerful lower chamber of Parliament recently passed a controversial bill that seeks to regulate the setting up of integrated resorts. This paves the way for the establishment of a casino market in Japan, which can be the world’s second-largest gaming market after Macau.
According to the measure, patterned after Singapore, integrated resorts in Japan can have three sites initially though this will be put up for review seven years after the first approvals are granted.
However, some sectors in Japan have already expressed concern that integrated resorts may not do their part in promoting responsible gaming when business turns out well.
Meanwhile, gaming tycoon Kazuo Okada has cautioned the Philippine Stock Exchange (PSE) regarding the share purchase agreement (SPA) recently entered into by Asiabest Group (ABG) International Inc. and Hong Kong-based Tiger Resort Asia Ltd.
In his Sept. 13, 2018 letter to the stock exchange, Okada said the PSE must ensure transparency in the said transaction to properly inform the public and for him to take the needed action to protect his interest in Tiger Asia.
Okada asked the PSE to order ABG to fully disclose details of its agreement with Tiger Asia, the owner of TRLEI.
“ABG, as a publicly listed company, should make a full disclosure of its impending sale transaction with Tiger Asia, particularly that there is a legal controversy on Tiger Asia’s authority to enter into such transaction,” Okada said in a letter signed by his lawyers, Ramon Esguerra, Carlos Villaruz and Vivian Tan-Dela Cruz.
According to Okada, who owns 34.41 percent beneficial interest in both Tiger Asia and TRLEI, he was never consulted about Tiger Asia’s intended purchase of two-thirds stake in ABG.
Okada warned that he will file appropriate criminal, civil and administrative cases against those responsible for entering into the reported illegal share purchase agreement.
In his letter, Okada also informed the PSE that he filed an intra-corporate lawsuit against Tiger Asia and TRLEI and their respective directors and officer on Aug. 29, 2018.