Will hire 8,000 staffers
Okada Manila, the third of four giant casino resorts that ultimately will operate at Entertainment City in Manila, Philippines, will open as planned at the end of December, said the casino resort’s parent company, Japan-based Universal Entertainment Corp. in a filing to the Tokyo Stock Exchange.
“The initial opening of the property, including the hotel except staterooms for VIPs, food and beverage outlets, casino and other major attractions, will take place at the end of December,” said the firm spearheaded by Japanese billionaire pachinko operator Kazuo Okada.
In its third-quarter filing, Universal Entertainment said it has raised “sufficient funds” for Phase I of the 44-hectare (108-acre) complex, and has already raised US$400 million to complete construction. Originally known as Manila Bay Resorts, the property was originally slated to open in March 2015, reported GGRAsia.
In other news, Universal Entertainment continues its litigation against Wynn Resorts Ltd. and Okada’s former close friend Steve Wynn. The men fell out in 2012, when the Wynn Resorts board voted to cancel Okada’s 20 percent stake in the Las Vegas firm, force him out of the executive ranks, and pay him US$1.9 billion for his shares, a 30 percent discount on the US$2.77 billion value of his stake. Wynn alleged that Okada’s business practices in the Philippines—including giving gifts to officials of the country’s gaming regulator—amounted to a breach of U.S. anti-bribery laws and made him “unsuitable” to be part of Wynn Resorts.
Now in the discovery phase, the litigation will be followed by “a trial with witness examinations and other activities that will result in a verdict,” it added. Universal Entertainment has also filed a lawsuit against Wynn Macau and four of its directors, including Chairman Steve Wynn. It asks for damages of MOP8 billion (US$1 billion).
According to the Philippine Star, Phase I of the Manila project will include a hotel, restaurants, retail outlets, conference rooms and a beach club that will accommodate up to 4,500 people. The casino will have 3,000 electronic gaming machines and 500 table games and could provide 8,000 local jobs.
Steve Wolstenholme, president of Okada Manila, says the property will “be iconic. I think there is a yearning for an iconic property in Manila.”
