Japanese tycoon Okada arrested in Philippines for casino row

FILE PHOTO: Universal Entertainment Corp's founder Kazuo Okada attends a news conference at the Tokyo District Court in Tokyo, Japan September 14, 2017. REUTERS/Issei Kato/File Photo

MANILA (Bloomberg): Japanese gaming tycoon Kazuo Okada (pic) said he was detained upon returning to the Philippines for coercion cases related to his takeover of a Manila casino in May but was immediately released after posting bail on Monday (Oct 17).

Universal Entertainment Corp, in a separate statement on Tuesday, said Okada was arrested at the Manila airport after he landed from Japan. Okada and his group are facing arrest for alleged coercion when his men physically took over the Okada Manila resort on May 31 after the Philippine Supreme Court reinstated him as chairman of the casino’s operator. Shares of Universal Entertainment jumped as much as 14% in Tokyo trading.