Okada Manila, a $2.4-billion hotel, casino, and entertainment resort located on the Manila waterfront, may face delay in opening doors for visitors, local media reported. The luxury property was expected to hold a ribbon-cutting ceremony of Phase 1 of a multi-stage development process this November. However, as stated in media reports, this may happen a bit later.
According to a statement posted on the Universal Entertainment Corp.’s website, there may be a possible delay in the launch of the integrated resort due to inclement weather conditions. The statement further read that construction work was not behind original schedule and that there were only slight diversions from the initial plan presented.
Universal Entertainment Corp. is a Japanese manufacturer and distributor of machines and other products for the gambling industry. The company is owned by Japanese tycoon Kazuo Okada. The major group will operate the Okada Manila resort through its Philippine subsidiary Tiger Resort Leisure and Entertainment Inc.
Last month, Tiger Resort President Steve Wolstenholme said that Phase 1 of the ambitious project was right on track to open by the end of 2016 and that construction was 85% finished. It is yet to be confirmed when exactly Okada Manila will have its ribbon cut and thus become the third operational integrated resort to be part of the major government-initiated Entertainment City project. The said larger development includes the construction of four integrated casino resorts in the heart of the Philippine capital.
The project is aimed at boosting the Philippine gambling and tourism industries and overall economy. With Chinese high rollers now avoiding Macau, legislators have sensed a good opportunity to attract that particular gambling demographic known for its preferences for high-class gambling and non-gambling options.
Okada Manila is set to spread over 44 hectares of land at Manila Bay. The resort will feature 993 hotel rooms, retail space occupying more than 8,000 square meters, casino floor with over 3,000 gaming machines and 5000 table games, and numerous other entertainment and food and beverage options.
It was also reported by local media that Universal Entertainment is raising $400 million to finance costs related to the complex’s completion. The company will issue Series 2 notes at an 8.5% annual rate on October 14.
