Japanese casino tycoon Kazuo Okada revealed yesterday he hopes to transform the Philippines into “the next Hawaii”. The Japanese entrepreneur looks to expand his business on the territory of the country after the soft opening of the Okada Manila casino resort on December 21.
The resort was granted permission to commence gambling operations by the Philippine Amusement and Gaming Corporation (PAGCOR). The costs for the completion of the massive project are estimated to be $2.4 billion. The casino resort was developed by the Philippine-based Tiger Resort, Leisure and Entertainment Inc., which is a subsidiary of Universal Entertainment, headed by Okada. Okada Manila will initially operate under a provisional license. Later on, a permanent license will be issued.
At this stage, Okada Manila will employ between 8,000 and 10,000 people. Additionally, Okada plans on building three more casino venues on the strip fronting the strategically located Manila Bay, which is often referred to as “Entertainment City.”
In addition to the enterprise in Manila, Okada is also considering the option to open similar resorts on the territory of the Philippine islands of Palawan and Boracay in an attempt to tap the thriving Chinese market originating with the rising middle class in the country. Both islands are regarded as major tourist attractions.
According to Okada, the Philippines has the potential to become the next Hawaii because of the appealing beaches there. The Japanese businessman explained the country can become a lucrative tourist destination as more and more Chinese people are looking to escape from the polluted air of their capital Beijing.
Okada is hardly the only entrepreneur to target outlying tourist spots the likes of the Philippines. This past August, the Sino-America Gaming Investment Group LLC and the Macau Resources Group Ltd. announced they are looking to gain approvals from the Philippine Tourism Infrastructure and Enterprise Zone Authority, or TIEZA, for the start of their Mactan Leisure City project in January 2017.
Sino-America Gaming had previously shown interest in both Cebu and the island of Napayawan. The costs for this combined investment are estimated at roughly $1 billion. At the time, a licensing Vice President of the PAGCOR commented that the possibilities of looking into gambling licenses for underserved areas outside Manila are much higher.
The Philippines is targeting revenues of $7 billion by 2020 in an attempt to become one of the biggest gambling destinations in the world, alongside the Asian gaming industry’s capital, Macau. Okada Manila will officially open doors at the end of February 2017 after several delays and the threat of the Philippines’ gambling regulatory authority to suspend the company’s license in 2015.
