Posted on: September 23, 2024, 08:49h.
Last updated on: September 23, 2024, 10:22h.
Tomohiro Okada, 57, the eldest son of billionaire Kazuo Okada, has been appointed president of Tokyo-headquartered Universal Entertainment.
Tomohiro’s appointment came after the company held its annual shareholder meeting last Thursday.
Okada succeeds Jun Fujimoto, who resigned in April after the Tokyo High Court found he breached his fiduciary duty by executing a $43.5 million transfer to an external source. Details of the recipient were kept confidential during the court proceedings.
Okada has been with Universal, which fully owns Tiger Resort Leisure & Entertainment, Inc., the parent company of Okada Manila in the Philippines, since April 1991. He was been a director of the firm since June 1995.
Okada Manila is one of four integrated resort casinos in the Philippines capital.
Universal remains one of Japan’s largest manufacturers of pachinko games. The company also has a media content unit that runs online social gaming. Universal additionally owns the Okada Museum of Art in Hakone.
Broken Family
Kazuo Okada, 82, founded Universal but made much of his fortune by being an early investor in Steve Wynn’s Wynn Resorts. Okada’s business reputation, however, has been murky for decades.
In 2008, Wynn severed ties with the Japanese billionaire, forcing Okada to sell his 20% stake in Wynn Resorts, after allegations of corruption arose in the Philippines. Prosecutors in the Southeast Asia country said Okada was bribing state and local officials to obtain a license to build what became Okada Manila.
The $2.4 billion, five-star property opened in late 2016. Okada Manila has 993 guestrooms, convention facilities, over 40 dining options, a variety of retail shopping, and a casino floor with over 3,000 slot machines and 500 live dealer table games.
Okada found himself in another high-profile scandal in 2017 when the Universal board forced him out of the organization.
Tomohiro Okada was among the directors who argued his father’s dismissal was warranted after evidence came to light that the billionaire issued himself a $17.3 million interest-free loan from a company subsidiary to purchase art for his private collection. The Universal board also believed Kazuo Okada stole $2 million in cash for personal use.
The elder Okada argued that the board manipulated his son to force him out.
Failed Takeover
The elder Okada led a coup of Okada Manila and Tiger Resort Leisure & Entertainment in late May 2022. Kazuo Okada maintained control of the resort for roughly 90 days until Philippines authorities ordered it be returned to Universal and TRLEI.
Universal officials said at least $9 million in cash went missing during Kazuo Okada’s forcible takeover. Okada was subsequently charged with “grace coercion” in a case that continues to drag on.
Kazuo Okada says Fujimoto was chiefly responsible for his ousting. The billionaire said the 2017 claims from the company that he gave himself an interest-free $17.3 million loan are ludicrous.
Until the coup, I controlled approximately 70% of Universal Entertainment’s stock. It is clear that there is no reason for me to commit a criminal act in order to obtain two billion yen,” Okada wrote to Casino.org in a lengthy email in December 2022.
Tomohiro Okada is now Universal’s largest shareholder with more than 53% of the company’s voting rights. Most of those shares were given to him by his father.
Kazuo Okada says he’s continually tried to repair his relationship with Tomohiro to no avail.
“I have visited my son’s home many times and sent him letters but my efforts have all been in vain,” Kazuo Okada said. “I sincerely believe that my son is being seduced by a malicious third party and that he does not mean what he says.”
