Billionaire Kazuo
Okada, accused by Wynn Resorts
Ltd. of making improper payments to Philippine gambling regulators, said he
will "vigorously" pursue
his casino project in the country.
"I intend to vigorously continue my $2
billion investment," the Japanese businessman said in a statement read
to lawmakers in Manila on Monday. "Rest assured that I will be able to
prove that all of the accusations are baseless and are lies that have been
blown out of proportion." The Las Vegas-based casino company has accused
Okada of giving more than $110,000 in payments and gifts to Philippines
officials, including chief gambling regulator Cristino Naguiat.
Universal Entertainment
Corp., where Okada is a chairman and owned a 20 percent stake in Wynn
Resorts, said in September it would open a casino and hotel in Manila by
December 2013. Wynn forcibly redeemed Universal's stake on Feb. 19
and its Macau unit ousted Okada from
its board for his "unacceptable conduct" on Friday.
Philippine President
Benigno Aquino also ordered a probe
and said a Cabinet committee will
investigate Naguiat, who allegedly
received free hotel accommodations through Okada. Universal Entertainment is
targeting ¥150 billion in sales from the Philippines project in the first
year of operations, Okada, 69, said in an interview in September.
Okada's project is
part of the casino and leisure complex being developed by the government-owned
Philippine Amusement & Gaming Corp., known as Entertainment City. Okada
is one of four developers who won a license to operate and invest in that
complex. The Philippines plans to review the role of PAGCOR as part of its
investigation, President Aquino's spokesman, Edwin Lacierda, told reporters
Monday in Manila. Philippine Amusement is both a casino operator and regulator.
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VOCABULARY
1.
Accuse
(v) - to say that you believe someone is guilty of a crime or of doing
something bad
2.
Vigorously
(adv.) - using a lot of energy and strength or determination
3.
Intend
(v) - to have something in your mind as a plan or purpose
4.
Forcibly
(adv.) - in a way that has a strong clear effect [= powerfully]
5.
Redeemed
(v) - to make something less bad
6.
Ousted
(v) - to force someone out of a position of power, especially so that you can
take their place
7.
Probe
(n) - an investigation in which many questions are asked to discover the truth
about something
8.
Committee
(n) - a group of people chosen to do a particular job, make decisions etc
9.
Allegedly
(adv.) - used when reporting something that people say is true, although it has
not been proved
10.
Regulator
(n) - someone who makes sure that a system operates properly or fairly
QUESTIONS FOR DISCUSSION
1.
Is gambling legal in your country? What are
the forms of gambling that you know?
2.
Have you ever been to a casino? Do you bet?
How often? What's the biggest bet you ever placed?
3.
Do you play slot machines? Lottery?
4.
Why do people
gamble?
5.
Do you think that those who own and run
casinos are criminals? Why? Why not?
