According to the latest information, Japanese casino mogul Kazuo Okada will probably work with Philippine businessman Antonio O. Cojuangco on the construction and the operation of Manila Bay Resorts, a $2-billion integrated casino resort, which is to be located in the so-called Entertainment City in Manila.
Universal Entertainment Corp., owned by Mr. Okada, announced in a May 15 filing to the JASDAQ Securities Exchange that it had decided to exclude Eagle II Holdings as its subsidiary. Mr. Okada’s company had sold its 40% stake in the latter entity to Mr. Cojuangco’s All Seasons Hotels & Resorts Corp.
Eagle II Holdings is related to the $2-billion project for the construction of Manila Bay Resorts. Mr. Okada’s group of companies has been awarded by the Philippine Amusement and Gaming Corp. (PAGCOR) one of four licenses for integrated casino resorts in the so-called Entertainment City, located in the capital of the Philippines.
Tiger Resorts Leisure and Entertainment Inc., an affiliate of Universal Entertainment, was to work with Century Properties Group Inc. on the multimillion project. Last year, the latter company filed a lawsuit against the Okada Group due to a terminated investment agreement. Earlier in May, however, Century Properties withdrew its complaint and announced that the two companies had settled their disagreements.
Tiger Resorts Leisure and Entertainment Inc. would not be able to launch its property without finding a local partner first. Last week, the company commented that it might have found one and that an announcement would be made “in the very near future”.
Manila Bay Resorts was expected to open doors by the end of March 2015, but land ownership issues delayed its construction. Yet, Tiger Resorts officials pointed out that the property is on schedule to open doors sometime in 2016.
Manila Bay Resorts would be the third of all four integrated resorts to be launched in Entertainment City, a multimillion gambling and entertainment complex intended to turn into Asia’s next gambling Mecca, as Macau is currently experiencing serious financial issues.
Bloomberry Resorts Corp.’s Solaire Resort & Casino was the first to open doors, followed by City of Dreams Manila, owned and operated by Melco Crown Entertainment Ltd. and local Belle Corp.
The fourth and last hotel and casino property is to be completed and launched in 2018. Resorts World Bayshore is a joint venture between Genting Hong Kong Ltd. and the local Alliance Global Group Inc.
