Kazuo Okada assures investors over Manila Bay casino

Gambling Compliance reports that PAGCOR chairman Cristino Naguiat gave the warning after the collapse of an investment arrangement by Okada’s Universal Entertainment and Philippine company Century Properties Group that was meant to comply with the law on foreign ownership.

GamblingCompliance quotes Naguiat as telling Philippine news media: “They cannot open the casino unless they have addressed all issues such as the allegations of bribery and the land ownership requirement.” Criminal investigators in the Philippines are following up allegations of bribery and violations of the anti-dummy law by Mr Okada.

Okada’s Universal Entertainment terminated its agreement with Philippine land partner Century Properties Group last week, prompting Century to sue Universal. Universal is refuting Century’s claims that the termination was unfounded, saying its agreement with Century was with three parties, one of which pulled out, forcing Universal to stop negotiations.

This all comes as the Philippine’s top gaming regulator Cristino Naguiat has said allegations and lawsuits involving Okada need to be settled at the risk of the casino being cancelled, whether it’s built or not. The us$ 2 billion casino is being developed by Universal Entertainment’s Philippine subsidiary Tiger Resorts.