Kazuo Okada
| Kazuo Okada | |
|---|---|
| Born | 1942 (age 73–74)[1] |
| Residence | Hong Kong |
| Nationality |
 Japanese |
| Occupation | Businessman |
| Net worth | US$1.86 billion.[2] |
| Children | 3 |
Kazuo Okada (岡田 和生 Okada Kazuo, born c. 1943) is a Japanese entrepreneur, engineer and art collector. His company, Universal Entertainment Corporation (formerly Aruze Corp) is a manufacturer of slot machines with a global reach. Currently, Okada’s biggest project is Okada Manila, a 44-hectare integrated hotel and resort in Manila’s Entertainment City. It is being developed through Universal Entertainment’s Tiger Resort, Leisure and Entertainment, Inc.[1]
Okada serves as the Chairman of the Universal Entertainment Corporation.[2] He was an executive at Wynn Resorts.[3][4]
As of September 09 2016, he is worth an estimated US$2 billion.[2]
Early life
Kazuo Okada was born in 1942 during the Second World War. Having lost his father at a young age, he became independent and supported his family. He studied at an engineering vocational school to take advantage of his interest and passion for mechanics. An engineer at heart, Okada found tinkering with vacuum tubes (a basic component of early radios and televisions) “so much fun.”[1]
Career
1960s
As a young man, Okada earned a living repairing jukeboxes and cathode ray tube televisions brought into Japan from the US. In 1969, Okada founded Universal Lease, which manufactured coin-operated arcade games for children.[1]
Late 1960s to 1980s
In late 1969, Okada’s first visit to Las Vegas led to his decision to enter the business of slot machine manufacturing. He invented the “near-miss” feature in his slot machines, an innovation that helped expand the Japanese market of “pachislot” (a hybrid of Japan’s pachinko and Las Vegas slot machines) and also made Okada’s slot machines popular in Las Vegas.[1]
1990s
Throughout the 1990s, Universal served as a major supplier of machines to the bustling Japanese pachinko industry.[1]
2000 to Present
In 2000, Okada was introduced to Las Vegas-based casino magnate Steve Wynn, eventually investing $380 million in Wynn’s then-new company, Wynn Resorts.[1]
Wynn Resorts opened its first casino in 2005 in Las Vegas and a second one in 2006 in Macau. In 2008, Steve Wynn declined to join Okada in a major investment to build a casino in Entertainment City in Manila. Okada proceeded alone with the investment, forming a local company, Tiger Resort, Leisure and Entertainment, Inc., to handle the development of the Manila property. In July 2016, the said property was unveiled as the Okada Manila, a $2.4 billion integrated hotel, resort and casino that represents Okada’s biggest investment to date.[1]
The property will have 993 hotel rooms, 9,000 sqm. entertainment venue with night club and an indoor beach club, 21 self-operated restaurants, 500 tables, 3,000 electronic gaming machines, 800-meter glass corridor and a $30-million dancing fountain.[1]
With his local partner, Antonio Cojuangco, Okada expects to open the integrated resort before 2016 ends.[1]
Art collection
Okada is an avid collector of rare Japanese, Chinese and Korean art. He opened his own art museum in 2013 near the hot-springs resort of Hakone, south-west of Tokyo.[1]
Personal life
Okada is married.[2] He has three children.[2] They reside in Hong Kong.[2]
References
- 1 2 3 4 5 6 7 8 9 10 11 Inagaki, Kana. "The High Stakes Gamble of Kazuo Okada in the Philippines". FinancialTimes. Retrieved September 9, 2016.
- 1 2 3 4 5 6 "Japan's 50 Richest People: #29 Kazuo Okada & family". Forbes. Retrieved September 9, 2016.
- ↑ Cohen, Muhammad (October 6, 2015). "Japan Billionaire Pachinko King Okada's Manila Casino Nightmare Turning Into Dream Resort". Forbes. Retrieved January 15, 2016.
- ↑ Lopez, Linette; Wile, Rob. "The Story Behind The Nasty Feud Between Steve Wynn And Kazuo Okada". Business Insider. Retrieved January 15, 2016.