The group of Japanese pachinko mogul Kazuo Okada has gone to a Philippine court and filed a criminal complaint against erstwhile Las Vegas casino partner Stephen Wynn, accusing him of libel over allegations of improper payments.
Universal Entertainment Corp. of Japanese businessman Kazuo Okada on Tuesday assailed the coverage of an international news agency on the alleged bribes paid by the gaming firm to a former consultant of state-owned Philippine Amusement and Gaming Corp. (Pagcor).
The sharp rise of JG Summit shares in the last two days (up 9 percent), according to some stock pundits, may be related to the unfolding Okada casino payoff story.
The corporate battle between casino giant Wynn Resorts and Universal Entertainment Corp. took a new twist on Tuesday, after the latter sued the Las Vegas-based firm for trying to push the Japanese group out of the partnership through a share buyback at a steeply discounted price.
An American gambling firm, using findings of a probe by a former head of the Federal Bureau of Investigation, has accused Japanese gambling tycoon Kazuo Okada of making improper cash payments and gifts totaling about $110,000 to gaming regulators, including those in the Philippines.
