Okada Gets Extension on Manila Bay

Sat, Mar 14, 2015

Japanese gaming mogul Kazuo Okada and his Tiger Resort development firm has received a two-year extension on its Manila Bay Resorts project. The US$2.3 billion venture, which was supposed to have been completed in first-quarter 2105, now has until early 2017 to finish.

Company faced loss of millions in guarantees

Tiger Resort Leisure and Entertainment Inc., developer of the Manila Bay Resorts project in the Philippines, has been granted a two-year extension to complete the US$2.3 billion project, according to GGRAsia. Tiger Resort is controlled by Japanese gaming entrepreneur Kazuo Okada.

In October 2014, Philippine Amusement and Gaming Corp., the country’s gaming regulator, ordered Tiger Resort to not only complete but open Manila Bay in the first quarter of 2015, or forfeit a PHP100 million (US$2.26 million) guarantee.

“If they failed to finish by March 31, 2015, it would mean forfeiture of the PHP100 million bond they submitted to us,” PAGCOR President and Chief Operating Officer Jorge Sarmiento said. Moreover, he said, if the project was “more than 50 percent delayed,” the company could have its license suspended or revoked outright.

Tiger Resort has also reportedly said it will invest an additional US$700 million extra on the resort and increase its gaming area by 97,000-square-meters (1.04 million square feet).

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