Okada claims that his son was “manipulated” into turning against him.
Kazuo Okada, known to his employees as ‘Daddy O,’ has claimed that Universal Entertainment Corp (UEC), the company he founded in 1969, is manipulating his son Tomohiro. He claims the manipulation is intended to divide the family and seize control of his Okada Manila resort in the Philippines, which he took over under controversial circumstances in May 2022.
“As a matter of principle, UEC and Okada Manila are business entities that have grown over the past 50 years under my vision and leadership, with the cooperation of various people,” the embattled former chairman of UEC said of his actions in taking control of the Manila resort. This is the undeniable truth, regardless of who you ask.”
Paradise Co reports a profit of KRW 18.6 billion.
Paradise Co, a South Korean foreign-player-only casino operator, reported a Q2 profit attributable to shareholders of KRW 18.6 billion (US$14 million), a 2% decrease from the previous year.
However, the profit – generated by a one-time gain from the sale of a building – was higher than in Q1, when Paradise reported net losses of KRW 28.58 billion.
Overall, the news is discouraging, as Paradise’s casino sales fell 6% from the previous year, and the casino operator would have suffered another loss if a building had not been sold.
Wynn Macau reports an 8% drop in revenue.
As Macau’s restrictions continue to wreak havoc on the region’s gambling culture, Wynn Resorts has reported an 8% revenue drop, which it attributes primarily to the Macau Government’s lockdown.
In general, UEC and Okada Manila are business entities that have grown over the last 50 years under my vision and leadership, with the help of many people. This is the undeniable truth, regardless of who you ask. Okada, Kazuo
Wynn Resorts reported $908.8 million in revenue for the second quarter, a $80 million decrease from the previous year. Meanwhile, Wynn Palace in Macau saw a 78% drop in operating revenue alone, while Wynn Macau saw a 68% drop, with both reporting EBITDA losses of $50 million and $40.4 million, respectively.
“In Macau, while Covid-related travel restrictions continued to impact our results, we remain confident that the market will benefit from the return of visitation over time,” Wynn Resorts CEO Craig Billings said after the Q2 report was released.
The Macau Legend Development division sells bonds worth HK$200 million.
Macau Fisherman’s Wharf International Investment Limited (MFW), a key division of Macau Legend Development, has sold over HK$200 million (US$25 million) in bonds to generate capital amid the financial uncertainty caused by Macau’s covid restrictions.
The casino operator recently laid off employees to help streamline the business as the squeeze of lockdown pressure tightens. The sale of the bonds is yet another indication that MFW is in trouble.
It is also unknown who purchased the bonds on the open market, with MFW stating: “To the best of the directors’ knowledge, information, and belief, and having made all reasonable enquiries, none of the company’s connected persons or associates have purchased the bonds which were disposed of by MFW under the disposal.”
SJM Resorts will increase its share capital in order to qualify for a new gaming concession.
SJM Holdings has announced that it will increase its share capital from $37 million to $618.4 million in order to meet the qualification requirements for Macau’s new gaming concession. The recently passed law amendment requires any local casino concessionaire share capital to be at least MOP$5 billion (US$618.4 million).
The funds will be raised by increasing the percentage of type B shares from 10% to 15%, a plan that will be voted on by SJM Holdings stockholders at an extraordinary meeting later this month in Hong Kong.
The deadline for submitting an application for a new gaming concession under the newly opened public tender is September 14.
In other news, the results of a poll conducted by Gambling Insider in response to yesterday’s in-depth piece, ‘Is now a good time to invest in Macau?’ have voted emphatically no, garnering 67% of the vote
Have you missed a major gambling industry story in Asia? Don’t worry, we’ve got you covered with our Asia round-up.