The Philippine Amusement and Gaming Corporation (PAGCOR) announced that Tiger Resorts Leisure and Entertainment Inc. has been fined $2.2 million and has been warned that it might have its permit suspended, as the gambling operator failed to complete its casino project in Manila by the end of March.
Tiger Resorts is an affiliate of Universal Entertainment Corp., a Japanese company owned by billionaire Kazuo Okada. The entity is currently building Manila Bay Resorts, a $2-billion integrated casino resort in the capital of the Philippines. It had previously promised that the property would be completed on March 31. Recently, it became clear that it is to open doors sometime in 2016.
Tiger Resorts officials refused to state their opinion on the matter. Representatives of Universal said that the management team cannot comment on the PAGCOR move yet.
Francis Hernando, Vice President of PAGCOR, said earlier today that the amount of PHP100 million ($2.24 million) in guarantee fee has been confiscated from Tiger Resorts. The operator paid the fee in question when it was announced that it had won the contract for the implementation of the casino project.
Mr. Hernando also pointed out that Tiger Resorts might even lose its gaming license, as it has not met a certain requirement under which at least half of the property was to be completed by the end of March.
The construction of the integrated resort commenced in 2012. In February, Tiger Resorts asked the Philippines gambling regulator for an extension to 2017, as certain changes were implemented in the property’s design.
However, PAGCOR refused to grant any extension and threatened to suspend the operator’s license. If this happens, Tiger Resorts would not be allowed to operate its property, even if it manages to complete it.
The gambling operator has about two months to convince PAGCOR that it should not be deprived of its license.
Apart from Tiger Resorts, three more operators have been awarded gaming licenses to operate integrated resorts in Entertainment City, Manila.
Bloomberry Resorts Corp., which owns Solaire Resort & Casino, as well as Belle Corp. and Melco Crown Entertainment Ltd., which own City of Dreams Manila, have already commenced operations at their properties.
Resorts World Bayshore, a product of the collaboration between Genting Hong Kong Ltd. and Alliance Global Group Inc., is planned to have its $1.1-billion Phase 1 completed and officially opened sometime in 2018.
