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.
Okada serves as the Chairman of the Universal Entertainment Corporation. He was an executive at Wynn Resorts.
As of September 9, 2016, he is worth an estimated US$2 billion.
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.”
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.
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.
| Kazuo Okada | |
|---|---|
| Born | 1942 (age 74–75) |
| Residence | Hong Kong |
| Nationality |  Japanese |
| Occupation | Businessman |
| Net worth | US$1.86 billion. |
| Children | 3 |
Kazuo Okada Net Worth: Kazuo Okada is a Japanese businessman who has a net worth of $1.5 billion. One of the richest and most affluent people in Japan, Kazuo Okada runs Universal Entertainment, a maker of pachinko machines that was formerly known as Aruze. Nowadays, he is involved in several lawsuits with Wynn Resorts, an American casino group managed by U.S. billionaire Steve Wynn, with properties in Las Vegas, Macau. Okada, who assisted the launch of Wynn Resorts with a $260 million investment, held a 20% stake in the company through his Universal Entertainment. But after Okada faced a lawsuit for breach of fiduciary duty, he filed counterclaim against Steve Wynn and other board members to prevent the “unjust” redemption of shares. In February 2013, Mr. Okada resigned his board seat ahead of a shareholder vote to oust him. Having teamed up with the property company owned by Philippine’s billionaire John Gokongwei on a Manila casino, Kazuo is also under investigation in the Philippines for supposedly making improper payments to gambling regulators. Okada is currently in talks with U.S. regulators to settle the issue.
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