Japanese gambling operator Universal Entertainment Corporation and its subsidiary Tiger Resorts Leisure and Entertainment held earlier today a topping out ceremony for one of the hotels at the PHP91.2-billion ($2-billion) Manila Bay Resorts.
Once completed, the luxury integrated casino resort will be one of four of this kind in Entertainment City, a multi-billion-dollar complex located in the capital of the Philippines.
Apart from Tiger Resorts officials, the ceremony was also attended by representatives from PAGCOR, the country’s gambling regulator. Francis P. Hernando, Vice President for Gaming Licensing and Development for the regulatory body, revealed that the gaming operator, owned by Japanese businessman Kazuo Okada, has had its gaming license extended to the end of 2016.
Earlier this year, PAGCOR confiscated a total of PHP100 million ($2.24 million) in guarantee fee from the company, as it failed to complete and launch its venue before March 31, 2015. Tiger Resorts had previously promised that the integrated resort would be ready by the aforementioned date.
In order to be granted the much needed license extension, the gaming company had to meet a number of requirements posed by PAGCOR. First and foremost, Tiger Resorts had to provide proof enough that it is able to finance its expensive project.
Mr. Okada’s company announced that it had reached an agreement with Deutsche Bank in relation to the private placement of notes with the institution. According to initial estimates, the generated proceeds would be between PHP27.3 billion ($600 million) and PHP41 billion ($900 million).
Tiger Resorts has had to overcome a number of setbacks since it became clear that the company was to be in charge of the expensive development. For instance, its previous local partner – Century Properties – withdrew from the project, which placed it in a serious risk. Under the current gambling law, any gambling operator that wants to open a casino in the Philippines would be able to do so only if working with a local company.
Back in May, it was reported that Tiger Resorts had found a new partner for the project – Philippine businessman Antonio O. Cojuangco. During today’s topping out ceremony, it was confirmed that Mr. Cojuangco and his company All Seasons Hotels & Resorts Corp. would work together with the Japanese gambling operator on the expensive project.
The businessman explained that he had purchased a 40% stake in subsidiary Eagle II that Tiger Resorts had placed for sale. The acquired stake translated into a 25% one in Eagle I Landholding Incorporated. The latter company is actually the owner of the 44-hectare site where Manila Bay Resorts is to be located. Mr. Cojuangco said that he would help Mr. Okada in any way in order to complete the integrated resort.
Once fully operational, Manila Bay Resorts would feature two luxury hotels, a 30,000-square-meter casino floor with 3,000 slot machines and 500 table games, as well as a number of dining, leisure, and entertainment options.
