It has recently been announced that the construction of Manila Bay Resorts, a major undertaking estimated at more than $2 billion, is by far on schedule, and its first phase is to be completed by the end of 2015.
It seems that Tiger Resort, Leisure and Entertainment Inc., a Philippines-based company, which is owned by Japanese businessman Kazuo Okada and is in charge of the multimillion project, is planning to hire at least 8,000 people to staff the earliest phase of the integrated resort.
Matt Hurst, Manila Bay Resorts’ executive vice president, who is responsible for the venue’s marketing and gaming operations, shared with local media that they will do their best to complete the initial phase of the project by the end of the next year.
Mr. Hurst also added that the first phase of the casino and resort project is planned to feature 3,000 slot machines and 500 gaming tables. What is more, guests will be able to stay at the two luxurious hotels that will be managed by the company. They will also be offered the opportunity to visit the resort’s excellent restaurants and nightclubs.
As for the second phase of the area, it will feature a 70,000-square-meter shopping area.
Mr. Hurst also mentioned that the operator will try to attract international players from Japan, China, Taiwan, South Korea, etc.
Being the local regulator, the Philippine Amusement and Gaming Corporation (PAGCOR), granted a total of four licenses for the construction of casino and resort properties within the territory of the so-called Entertainment City, a large gambling and entertainment complex, located not far from the capital of the Philippines. Manila Bay Resorts is to be the third resort of its kind to be built there. Yet, its owners have been facing serious legal and regulatory problems for quite some time.
Mr. Okada was required by PAGCOR that he should work with a local partner so as to be allowed to launch his resort. Under the country’s regulations, only properties that are owned no less than 60% by Filipino citizens, are allowed to operate within the territory of the country. Thus, Mr. Okada will have to restrict his ownership of Manila Bay Resorts to only 40%.
The Japanese mogul is a party in a court case over the dissolution of an agreement between his company and the local Century Properties Group Inc. The agreement in question allowed the latter enterprise to build luxurious shopping and residential properties as part of Mr. Okada’s casino and resort project.
The Philippine real estate developer commented earlier in September that talks about a future collaboration might be resumed, provided that the initial terms of the agreement are retained.
