Asia round-up: Okada’s Fujimoto vendetta; Tabcorp cash generation, Chau trial and more

Kazuo Okada has released a statement, detailing his current plight to wrestle back control of the Okada Manila from current Universal Entertainment CEO Jun Fujimoto.  

Tabcorp asia round up

Detailing the supposed takeover of the Okada Manila casino resort, Okada said: “The coup plotters were led by Jun Fujimoto, a director whom I hired and made a Director at Universal Entertainment. 

“Fujimoto established an investigative committee with a lawyer whom he had acquired as a member, and had the committee conspire by threatening, coercing or bribing the then General Manager of the Universal Entertainment Administration Division and other executives to prepare an investigative report that determined I had obtained illicit profits from the company.

“They sought to defame me and prevent me from being reinstated by filing criminal charges against me in various jurisdictions, thereby ruining my reputation as a businessman and making me appear as an untrustworthy criminal.   

“Fujimoto's criminal charges against me were dismissed one after another.” For more on Okada’s statement, click here.  

Tabcorp aims to generate US$289m in US private placement market 

Tabcorp is planning to generate US$289m via the issuance of long-term debt to investors in the US private placement market. 

The Australian operator says its notes to US investors will consist of two tranches totalling US$289m with a weighted average coupon of 7.75%. 

After exchanging this into Australian dollars (AU$425M), AU$249m of this total amount will be paid back to investors in seven years, and the remaining AU$176m will be paid back in 10 years. These notes are scheduled to come into effect from March 2023.  

The operator says the proceeds raised (US$289m) will be used for general corporate purposes, the repayment of existing indebtedness and to fund growth options.  

“Fearing that I would visit the Philippines and interact intimately with Filipinos, [Fujimoto] filed criminal charges against me in 2018 on the falsehood that I had illegally benefited from Okada Manila and which prevented me from entering the Philippines” 

Kazuo Okada, casino mogul & billionaire

Tabcorp CFO Daniel Renshaw said: “This successful debt raising is a positive endorsement of the strategy and execution of new Tabcorp post demerger by investors in the USPP market.  

“This is a testament to our focus on financial strength as we diversify funding sources and extend our debt maturity profile. It will provide us with the flexibility to pursue growth and further progress our transformation strategy.” 

Chau trial: Verdicts set for 18 January 2023 

The presiding judge over the case involving Alvin Chau and Suncity Group, Lou leng Ha, has announced a verdict and sentencing will be scheduled for 18 January 2023.  

This follows the end of closing arguments on 1 December 2022, in which the prosecution and defence presented their cases over charges against Chau. 

Chau and 20 of his associates at Suncity are charged with illegal gambling, criminal association, fraud and money laundering.  

Sports.com partners with SMC for new Saudi Arabian deal 

Sports.com – a subsidiary of Lottery.com – has agreed a new partnership with the Saudi Motorsport Company (SMC), which coincided with the FIA World Touring Car Cup decider in Jeddah. 

Branding for Sports.com appeared around the track throughout the competition, setting a precedent that the brand hopes will lay the ‘foundation for the future establishment of a joint venture and content distribution partnership.’ 

The SMC also acts as a promoter for numerous Saudi international motorsport events, such as Formula 1's Saudi Arabian Grand Prix and the Dakar Rally.

FanDuel adds One Championship martial arts to FanDuel+ offering

FanDuel and One Championship have agreed a deal that will see the martial arts organisation's events broadcast on FanDuel’s new FanDuel+ service.

The deal will mark the debut of One Championship’s events on FanDuel’s platform, which will begin with One 164: Pacio vs Brooks on 3 December – followed by One’s Asia’s weekly primetime events, starting on 20 January.

Missed a big gambling industry story in Asia? Don't worry, Gambling Insider has you covered with our Asia round-up.      

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