Tiger Resorts Leisure and Entertainment Inc., an affiliate of Universal Entertainment Corp., owned by Japanese casino mogul Kazuo Okada, announced that it has eventually found a Philippine partner to work with on the $2-billion integrated resort Manila Bay Resorts.
Representatives for the gambling operator said that they will reveal the name of their local partner soon. They also promised that the construction of the property is on track and it will be launched in 2016.
Phase 1 of the multimillion Manila Bay Resorts is to feature a casino, hotel, night club, a wide variety of dining options, and a fountain.
The property is to be located in the so-called Entertainment City in the capital of the Philippines. It is one of all four integrated resorts that are to open doors at the complex.
However, under its license, Tiger Resorts could not commence operations at its property without finding a local partner first.
Previously, Century Properties Group Inc. was to work in collaboration with the Japanese gambling operator and to develop a residential and commercial project as part of the 44-hectare integrated resort.
Last year, Century Properties filed a lawsuit against Okada Group, as the latter had terminated the investment agreement between the two entities. A few days ago, the Philippine company announced that it would withdraw the case after the parties had settled their disagreements in an amicable manner.
It is still unclear whether Century Properties and Tiger Resorts will work together on the Manila Bay Resorts project, as representatives for both companies refused to comment on the matter.
Last Monday, the Philippine Amusement and Gaming Corporation (PAGCOR) announced that it has confiscated the amount of PHP100 million ($2.24 million) in guarantee fee from Tiger Resorts, due to the fact that the gambling operator failed to complete its integrated resort by the end of March as it had initially been planned.
As mentioned above, Tiger Resorts is one of four operators that have been granted licenses by PAGCOR to manage hotel and casino properties in Entertainment City. Solaire Resort & Casino, owned by Bloomberry Resorts Corp., was the first to open doors there. Melco Crown Entertainment Ltd. and Belle Corp. commenced operations of City of Dreams Manila in December 2014.
Resorts World Bayshore, a joint venture between Genting Hong Kong Ltd. and Alliance Global Group Inc., is expected to be launched last. Phase 1 of the integrated resort is to be completed and officially opened in 2018.
