Universal “unaware” of listing efforts
Tiger Resort, Leisure & Entertainment, owner of the $2.4 billion Okada Manila resort in Entertainment City, is reportedly negotiating to acquire publicly-listed firm Bright Kindle Resources and Investments Inc. in order to qualify for a listing on the Philippine Stock Exchange.
A source told the Philippine Inquirer the deal could close within weeks. The actual listing, which would take place after the gaming business is folded into Bright Kindle Resources, could take two more years.
Tiger Resort is a subsidiary of Universal Entertainment Corp., the Japanese manufacturer of pachinko gaming machines. Universal says it is “not aware” of the plan by billionaire Japanese businessman Kazuo Okada to acquire the local business. Earlier this year, Okada was ousted from the board of the gaming machine manufacturer and the boards of subsidiaries due to allegations that he misappropriated company funds.
Casino News Daily reports that Okada Manila, the third casino resort to open in Entertainment City, will also be the third to have its managing company backdoor-listed. Bloomberry Resorts, owner of Solaire Resort & Casino, did the same in 2012. Melco Resorts & Entertainment, the Hong Kong-based casino developer owned by Lawrence Ho, also listed its Manila gaming operations through a listing vehicle.
Universal issued a statement saying it would “disclose promptly” if any new acquisition is in the offing. The firm said it controls 99.9 percent of Tiger Resort and thus controls Okada Manila.
