Luxury suite, shopping money for Naguiat, wife, kids, nanny

By MALOU MANGAHAS, Philippine Center for Investigative Journalism

Published February 22, 2012 10:54pm

PAGCOR Chairman and CEO Cristino L. Naguiat Jr. has been dragged into a major investigation in the Nevada court for allegedly being a beneficiary of special, extravagant favors from Kazuo Okada, a director of Wynn Resorts, Limited, and of Wynn Macau, Limited. Okada’s company has applied to operate part of PAGCOR’s Entertainment City project in Pasay City. According to reports filed with the US Securities and Exchange Commission, Okada had billeted “Naguiat, his wife, their three children, and nanny,” at company expense, in expensive suites at the Wynn Resorts Hotel that cost up to $6,000 a night.

Universal Entertainment Corp. chairman Kazuo Okada stands beside PAGCOR Chairman & CEO Cristino Naguiat Jr. during the ceremonial groundbreaking rites of Okada's resort project in the Bagong Nayong Pilipino at the Manila Bay Reclaimed Area on January 26. Earl Victor Rosero

In their 69-page information, the board of directors of Wynn filed with the Clark County of Nevada a case for breach of fiduciary duty and related offenses — “gross improprieties” and making “unlawful payments to foreign gambling regulators” — against Okada and his agents, Aruze USA, Inc., and Universal Entertainment Corp. The PCIJ obtained a copy of the information that has been uploaded on www.vegasinc.com, as well as other documents related to Wynn vs Okada case from the US Securities and Exchange Commission database.

News media interview PAGCOR Chairman & CEO Cristino Naguiat Jr. at groundbreaking rites of the resort project of Japanese investor Kazuo Okada in the Manila Bay Reclamation Area. Earl Victor Rosero

A careful study of the case information reveals even more intriguing details about apparent indiscretions that marked Naguiat’s conduct toward Okada. The case document disclosed that in 36 separate instances, between May 2008 and June 2011, Okada and his agents made payments in the amount of $110,000 that directly benefited various PAGCOR officials, including Naguiat and his family, and former PAGCOR Chair Ephraim Genuino. The amount was reportedly spent on “luxury lodging, extravagant dinners, shopping, and cash to spend for among others.” Naguiat had stayed twice at Wynn Macau (September 22-26, 2010 and June 6-10, 2011) and once at Wynn Las Vegas (Nov. 15-20, 2010). On top of the luxurious lodging, Okada also gave the Naguiats $5,000 “cash advance” during one of their stays in Macau. See the relevant documents here:

Wynn vs Okada
Wynn Resorts LTD Filings with US Securities and Exchange Commission [1, 2,3]
PCIJ story, “Arroyo allies linked to Garci behind mystery firm in PAGCOR Tourism City,” (July 1, 2008)

Tags: cristinonaguiat, pagcor