New management at Okada Manila reports strong financial success
June 13, 2022
Despite the ongoing ownership dispute, the lawyer for the new management of the Okada Manila casino-hotel complex indicated that business has been booming since the group led by the side of Japanese entrepreneur Kazuo Okada took the helm.
“Under the present administration, business at Okada Manila has been on the rise. Hotel occupancy rates have hit a record high of 99%, and the number of visitors has climbed. During a Monday media roundtable in Paranaque City, Norman T. Golez, an attorney for the Okada side, declared that the city’s restaurants and bars were thriving.
Since taking control of Okada Manila on May 31, the new management conducted its first news conference.
In a separate announcement, Okada Manila said that property traffic in June was on the rise, reaching 74% of 2019 levels.
More stores and services are being made available to accommodate Okada Manila’s rising clientele, which has led to an increase in daily foot traffic of 8% month over month.
In addition, as of May, 33 permanent tenants were operating at Okada Manila, and another 11 were slated to start by August.
This year’s gross gaming revenues were 44% higher than projected (goal), and 4% higher than June of next year. Hotel and room revenues for the first 11 months of the year are up 6 percent and 8 percent, respectively, compared to the first 11 months of 2019. Cash sales from food and drink are up 14.5% year-over-year, according to Okada Manila.
In light of recent developments in the economy and at the country’s borders, “Okada Manila is likely to retain the momentum and become the fastest-growing integrated resort in Entertainment City,” the report said.
On the other hand, Mr. Golez restated that on May 31, when the previous management led by Tiger Resort, Leisure and Entertainment, Inc. (TRLEI) was removed, Mr. Okada’s side peacefully took over Okada Manila.
Mr. Okada’s camp has maintained that it has the legal right to take over the casino-hotel complex in question due to an April Supreme Court judgment maintaining the status quo ante. In 2017, Mr. Okada was fired after accusations of financial misappropriation surfaced.
The SQAO shall take immediate effect and remain in effect until additional orders from the Supreme Court. There has been no Supreme Court order overturning or nullifying the SQAO, Mr. Golez stated.
Mr. Okada claims that Tiger Resort Asia Ltd. (TRAL), the company that ultimately took over new management of Okada Manila from TRLEI, designated him as its only agent.
Officials from TRLEI have filed criminal accusations against Mr. Okada, Antonio O. Cojuangco, and Dindo A. Espeleta, among others, for the “forced takeover” of Okada Manila following the management transition.
After being asked for response, TRAL released a statement saying that the expansion now being experienced by Okada Manila may be attributed to the recovery strategy formulated by the TRLEI board.
The assertion that they increased gaming, hotel bookings, food and beverage sales, and average daily visitors to Okada Manila is preposterous and unsupported by the evidence. TRAL stated, “It is a flat-out lie that the one-month seizure of Okada Manila by the Kazuo Group somehow resulted in a substantial increase in the company’s revenues.”
Despite the negative consequences of the community quarantines, “the legitimate board of TRLEI led by Byron Yip has already created a recovery and sustainability program that will allow Okada Manila to grow and flourish,” the report continued.
