Kazuo Okada
Kazuo Okada | |
|---|---|
| Born | 1942 Japan |
| Occupation(s) | Entrepreneur, art collector |
| Known for | Co-founder and chairman of Universal Entertainment Corporation; founder of Okada Manila resort; art collection and Okada Museum of Art |
Kazuo Okada is a Japanese billionaire entrepreneur and prominent art collector.
Okada previously held an executive role at Wynn Resorts and was the co-founder and chairman of Universal Entertainment Corporation. His tenure ended in 2017 following accusations related to financial misconduct.
Early life
Born in 1942, Okada assumed responsibility for his family at a young age after his father's passing. He pursued studies at a vocational school specializing in engineering, motivated by an enthusiasm for mechanical devices. In a discussion with the Financial Times, he expressed his fascination by stating that "vacuum tubes are so much fun."
Career
Okada established Universal Lease in 1969, focusing on manufacturing coin-operated arcade machines. That same year, a trip to Las Vegas inspired him to venture into creating slot machines. He developed the innovative "near-miss" mechanism, which significantly enhanced the appeal of pachislot machines—a combination of pachinko and slot games—in Japan, and also gained traction in Las Vegas.
During the 1990s, Universal became a leading supplier for Japan's pachinko market. In 2000, Okada collaborated with casino tycoon Steve Wynn, contributing $380 million to Wynn Resorts, which launched casinos in Las Vegas (2005) and Macau (2006). When Wynn declined involvement in the Manila Entertainment City casino project (2008), Okada pursued the venture independently through Tiger Resort, Leisure and Entertainment, Inc. This effort culminated in the 2016 debut of Okada Manila, a $2.4 billion integrated resort featuring hotel accommodations and casino operations—marking Okada's most significant investment.
Legal issues
In 2017, allegations surfaced accusing Okada of diverting millions from Okada Holdings. Subsequently, Universal Entertainment Corporation orchestrated his removal as chairman by influencing family shareholders to vote him out.
Legal actions initiated against Okada by the Hong Kong Independent Commission Against Corruption and the Parañaque City Regional Court were eventually dismissed. In September 2018, Okada described these claims as "fabricated charges" aimed at legitimizing his unlawful removal and pledged to pursue reinstatement as director, chairman, and CEO.
A 2019 arrest warrant was issued by a Parañaque court concerning approximately $3.1 million in purported unauthorized CEO compensation related to Tiger Resort Leisure & Entertainment, operator of Okada Manila.
By 2021, law firm Dentons sought to terminate its representation of Okada citing an "irretrievable breakdown" in their professional relationship.
On December 9, 2021, the Philippine Court of Appeals annulled both the criminal charges and arrest warrant from 2019, declaring that the Parañaque court had committed "grave abuse of discretion."
Art collection
Okada is known for collecting artworks from Japan, China, and Korea. In 2013, he founded the Okada Museum of Art near Hakone’s hot springs resort area southwest of Tokyo.
Personal life
He resides in Tokyo with his wife and three children.