Jun Fujimoto, the Representative Director, President, CEO, and CIO of , the parent company of Okada Manila, has resigned from most of his positions following a Tokyo High Court ruling that found him liable for breaching his fiduciary duty, involving a substantial $43.5 million (€40.5 million) money transfer. 

The High Court’s decision overturned a previous ruling by the Tokyo District Court, which had cleared Fujimoto of allegations initially filed in 2019 by an unnamed shareholder. The lawsuit accused Fujimoto of orchestrating a transfer of $43,497,204 to an external entity without reasonable necessity and without adhering to internal decision-making protocols, thus violating his fiduciary duty as a director of the company. 

Universal Entertainment refrained from disclosing the identity of the shareholder or the destination of the transferred funds in its recent announcements. The company stated its intention to review the court’s decision before determining its subsequent actions. Additionally, Universal’s claim for damages against the shareholder for defamation was rejected by the High Court. 

Fujimoto's tenure at has been marred by legal conflicts, particularly with the company's founder, Kazuo Okada, whom he replaced in 2017 following allegations of misappropriating company funds. In a separate incident in 2022, a group affiliated with Okada took control of Okada Manila for three months before regulatory intervention mandated their removal. 

In light of Fujimoto's resignation, Hajime Tokuda has been appointed as Universal’s new Representative Director and President. Additionally, Takako Okada, Kazuo Okada’s estranged wife, has been named a Representative Director. Despite stepping down from his previous roles, Fujimoto retains his position as a Director within the company. 

This isn’t the first time Fujimoto and Okada have been embroiled in legal disputes. A previous lawsuit in 2015, filed by shareholder Tsuyoshi Hosoba, alleged breaches of fiduciary duties by Fujimoto and others, resulting in a successful verdict. 

Upcoming SiGMA event: SiGMA Asia 2024, 3 – 5 June. Find all the details .

’s National Police Agency (NPA) issued a stark warning last week, revealing that over one in three individuals apprehended in the recent crackdown on online gambling were teenagers. The alarming statistics underscore a troubling trend of rising in illegal gambling activities, sparking concerns over addiction and detrimental impacts. 

According to the Korea Times report, authorities apprehended a total of 2,925 individuals during the six-month crackdown targeting adolescent participation in online gambling, spanning from September 25 last year to March 31. Of these, a staggering 1,035, constituting 35.4 percent, were teenagers. 

Among the teenage offenders, 798 were high school students, 228 were middle school students, and seven were university students. Authorities also reported that even elementary school students were involved, with the youngest perpetrator being a 9-year-old who wagered 10,000 won. 

The crackdown resulted in the referral of 566 teenage offenders to specialized counselling centres with parental consent, aimed at addressing underlying issues and providing necessary support. Additionally, 75 adults faced imprisonment, and criminal proceeds totalling 61.9 billion won (€41.9 million) were confiscated. 

Police investigations shed light on the methods employed by online gambling sites to lure teenagers, including peer invitations, smartphone messages, online advertisements, and social media promotions. Baccarat emerged as the most favoured game among teenage gamblers, followed by sports betting, casino games, and Powerball or slot machines. 

The simplicity of registration processes, such as signing up with bank accounts or gift vouchers, facilitated teenage engagement in gambling activities. The report said that over 1,000 financial accounts under adolescents' names were identified for managing gambling funds and related transactions. 

Police highlighted the misconception of gambling as a harmless pastime among teens, exacerbated by cybergambling programs resembling simplistic gaming interfaces. Additionally, recent arrests revealed operators manipulating programs to expedite wins and losses, employing strategies like odd-even, ladder, and penalty kicks. 

With plans to resume the crackdown in May, the NPA remains resolute in its commitment to combating teenage involvement in online gambling. Woo Jong-soo, head of the National Office of Investigation, emphasized stringent enforcement against both gamblers and site operators to address the pressing issue of youth gambling. 

Upcoming SiGMA event: SiGMA Asia 2024, 3 – 5 June. Find all the details .

The Tropicana has always been a symbol of the city’s vibrant nightlife and gaming culture., marking the end of an era. Interestingly, the closure was not a result of financial struggles. In fact, the Tropicana was profitable right up to its closing date, according to Peter Carlino, CEO of Gaming & Leisure Properties Inc. (GLPI), (pictured above), the company that owns the resort’s land. During GLPI’s first-quarter earnings call, Carlino confirmed that the Tropicana was cash flow positive when it ceased operations.

This statement was further supported by Brandon Moore, GLPI’s Chief Operating Officer and General Counsel. He explained that the closure was strategically timed to align with the initial pitch for the A’s stadium, suggesting that the Tropicana’s shutdown was not premature but rather right on schedule. The closure of the Tropicana was a strategic move to pave the way for the liquidation of assets and the eventual demolition of the property. This will allow for the commencement of the A’s project and the integrated resort in 2025.

Clark County has already granted Bally’s Corp., the casino operator and tenant o The permit stipulates that the demolition must occur by October 20. The chairman of Bally’s board of directors, Soo Kim, revealed plans for an implosion in September or October. This timeline provides the Oakland Athletics, the Major League Baseball team relocating to a $1.5 billion, 33,000-seat indoor stadium, ample time for construction.

Moore emphasized that the closure was not an attempt to cut costs or expenses. Instead, it was a matter of on-time closure. With the employees aware of the impending shutdown, Bally’s faced challenges in maintaining adequate staffing levels to keep the resort operational.

GLPI had no expectations for the Tropicana to remain open beyond the actual closing date. As the Tropicana chapter closes, a new one begins with the A’s stadium project. The strategic closure of the Tropicana is a testament to the dynamic nature of Las Vegas, a city that continually evolves to offer new and exciting experiences to its visitors. As we bid farewell to the Tropicana, we look forward to the birth of the A’s stadium and the integrated resort, set to reshape the city’s landscape in the coming years.

A new for Chinese nationals on package tours will be available starting May 6, easing travel between Macau and neighbouring Hengqin. Announced by China’s National Immigration Administration, the initiative allows participants in package tours to move freely between the two regions over a seven-day period. 

Macau Chief Executive Ho Iat Seng highlighted the visa's potential to foster economic diversification, expressing readiness to welcome increased visitors from Mainland China. The move aligns with Macau’s ongoing efforts to promote non-gaming attractions and broaden its tourism appeal. 

Part of a broader strategy to enhance cross-border business ties, the visa initiative contributes to greater integration within the Greater Bay Area. Alongside measures for Hong Kong, it aims to streamline travel procedures and facilitate smoother business exchanges across regional borders. 

In addition to the multi-entry visa, innovative measures include online processing of travel document formalities in select cities and specialized visas for qualified personnel. These initiatives underscore efforts to digitize visa issuance and enhance efficiency in travel procedures. 

Last week, the Macao Government Tourism Office (MGTO) it was predicting a significant increase in inbound tourists to Macau during the upcoming Labour Day holiday. MGTO predicted an average of 130,000 visitors per day, surpassing previous holiday peaks. 

While Macau targets foreign visitors, its focus remains on mainland Chinese clientele. With an emphasis on non-gaming attractions, the city seeks to diversify its tourism offerings while catering to its largest visitor demographic. 

The upcoming launch of the multi-entry visa represents a milestone in Macau’s efforts to redefine its tourism landscape and strengthen ties with neighbouring regions. As the tourism sector prepares for renewed momentum, stakeholders anticipate opportunities for economic growth and cultural exchange. 

Upcoming SiGMA event: SiGMA Asia 2024, 2 – 5 June. Find all the details .