Okada’s local gaming venture starts with $200-M investment

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Okada-led Tiger Resort, Leisure and Entertainment, Inc. has already invested $200 million in its integrated entertainment and resort project in Manila’s future gaming hub Entertainment City.

 

Masahiro Terada, Tiger president said on November 25 that the local unit of Tokyo-based Universal Entertainment Group is on track to start the operations of Manila Bay Resorts by 2015 despite some legal impediments.

Terada said the $200 million was spent for the initial phase of contraction of the 44-hectare Manila Bay Resorts, which will consist of six-star and five-star hotels, 20 food and beverage destinations, retail and spa facilities and residential properties.

Despite controversies on his project, Terada said Japanese billionaire Kazuo Okada remains committed to invest a total of $2 billion in Philippine Amusement Gaming and Corporation Entertainment’s (Pagcor) 120-hectare Entertainment City.

“We’ve already started our constructions, which will consist of several phases, three or four, but we’re on track of our 2015 target,” Terada said on the sidelines of House of Representatives hearing on Pagcor’s Entertainment City.

Pagcor earlier warned that country’s gaming regulator will revoke the license of Okada if proven that the Japanese gaming tycoon had resorted to bribery in order to secure Tiger’s license and violated Philippine laws.

In July, the National Bureau of Investigation (NBI) fact-finding panel has found sufficient evidence that Okada has violated the country’s Anti-Dummy Law in connection with the Pagcor Entertainment City project.

Earlier this month, the Okada group entered into a partnership with the Antonio-led Century Properties Group, Incorporated to develop a five-hectare property within the Entertainment City.

Within the five-hectare land, Century Properties plans to develop luxury residential and retail properties that will total over 300,000-square meter of gross floor area upon completion.

However, Century Properties said that they will not be involved in the gaming business of the Okada group.

The partnership of Okada and Antonio came in the wake of failed talks between Gokongwei-led Robinsons Land Corporation and Universal Entertainment earlier this year.