Tiger Resort, Leisure and Entertainment Inc., the local unit of Japanese billionaire Kazuo Okada’s Universal Entertainment Corp., delayed by one month the opening of its $2.4-billion integrated casino and entertainment facility in Parañaque City.
Tiger Resort said in a statement Okada Manila would now open in December, instead of the earlier target opening of November.
“Okada Manila is well on its way to completing the first phase which covers 22 hectares of the overall 44-hectare casino and other major attractions, will take place in December,” Tiger Resort said.
“The company is also in the process of carefully considering the optimal timing for opening other facilities, amenities. Relevant disclosures will be provided in a timely manner,” it said.
Universal Entertainment Corp., the holding company of Okada which is listed at the Tokyo Stock Exchange, hinted last week that the opening of Okada Manila might be delayed due to “ “worse-than-expected weather conditions.”
“Okada Manila has not markedly lagged behind the original plan although the progress has differed somewhat from the plan, affected by worse-than-expected weather conditions,” Universal Entertainment said.
“In view of policy actions by the Philippine government and the economic environment in the near-term, we are now in the process of carefully considering the optimal timing for opening the facility towards delivering maximized share holder value,” it said.
Tiger Resort president Steve Wolstenholme said last month phase 1 of the project was on track to open this year and construction was 85-percent completed. Jenniffer B. Austria
Universal Entertainment is raising $400 million to finance the completion of the $2.4-billion integrated casino and entertainment development at Pagcor Entertainment City in Parañaque.
Under the plan, Universal Entertainment will raise $400 million from the issuance of privately placed notes at 8.5 percent per annum under Series 2 notes.
Okada Manila is the third integrated resort at Entertainment City in Parañaque. It will occupy over 44 hectares at the foreshore area of Manila Bay.
Okada Manila’s entry into the market will tap into the expanding entertainment and tourism of the country.
The integrated gaming and entertainment facility will offer 993 hotel rooms, 8,409 square meters of retail space, 500 table games and over 3,000 electronic gaming machines.