Universal Entertainment Corp, the parent company of the Okada Manila casino resort in the Philippines, has unveiled a revamped management structure following its annual shareholder meeting on 27 March. UEC has had an Executive Officer System in place for some time, but the new structure is intended to reduce the excessive concentration of authority and to facilitate speedier decision making.
“The new system will promote speedy business execution centered on the 12 executive officers, while the Board of Directors will make decisions on broad business strategies. Directors will appropriately supervise executive officers, thereby further strengthening UEC’s governance structure and striving for sustainable growth of the company and enhancement of corporate value over medium to long term,” statement from the company said.
Key appointments and board reshuffle
During the shareholder meeting, four directors and one audit and supervisory board member were appointed. Tomohiro Okada, who also serves as Universal Entertainment’s president, was reappointed alongside directors Masayoshi Miyanaga and Hiroshi Miyauchi.
A new addition to the board, Yoshiyuki Shouji, had his selection confirmed. Shouji will oversee overseas business operations, along with legal and intellectual property affairs. Meanwhile, shareholders also approved Kuninobu Okuda as a full-time audit and supervisory board member.
Governance and corporate oversight strengthened
The updated governance model is set to improve corporate oversight by reducing the concentration of authority within the company’s leadership. Universal Entertainment emphasised that its directors will play a crucial role in monitoring executive officers, ensuring that business strategies align with the company’s long-term goals.
Universal Entertainment’s Philippine subsidiary, Tiger Resort, Leisure and Entertainment Inc. (TRLEI), continues to manage the operations of Okada Manila, one of the largest integrated casino resorts in the region.
Okada Holdings retains control
Universal Entertainment’s parent entity, Hong Kong-based Okada Holdings Ltd, confirmed that it maintains a controlling stake in the company. The firm holds 70.30 percent of Universal Entertainment’s voting rights, ensuring its influence over strategic decisions.
UEC posts net loss $102.5 million FY24
UEC has reported net income of $102.5 million (€95.7 million) for the fiscal year ending 31 December 2024, a significant downturn from the net income of $186.5 million (€174.2 million) reported in 2023.
In a filing released on 13 February 2025, the company attributed the losses primarily to challenges at Okada Manila, where net sales fell by 15.4 percent year-on-year to $538.7 million (€502.9 million), and adjusted segment EBITDA decreased by 34.8 percent to $128.7 million (€120.2 million).
