Okada Manila operator still studying IPO plan
Tiger Resort Leisure & Entertainment Inc., the operator of integrated casino and resort Okada Manila, is reviewing plans to hold an initial public offering, its parent company in Japan said Wednesday.
Universal Entertainment Corp. owned by Japanese gaming and pachinko mogul Kazuo Okada said: “At present the company is reviewing the possibility of an IPO for TRELI and we will disclose promptly if any such plan is decided and materialized.”
Universal Entertainment said in statement posted on its website that it was not aware of any plan to acquire a Philippines-based listed firm for possible backdoor listing.
Reports came out early this week that Okada was considering the possibility of acquiring listed Bright Kindle Resources and Investments Inc. for the prospective backdoor-listing of its casino venture.
“There was an overseas media coverage stating that Mr. Kazuo Okada, former chairman and director of Universal Entertainment Corp., will acquire the management rights of a list company to merge Okada Manila, an integrated casino resort project of the company, into the company. However the company is not aware of any such actions by him,” Universal Entertainment said.
Okada Manila, which opened in late 2016, is a $2.4-billion integrated gaming and resort development at Entertainment City in Parañaque.
Phase 1 of the project covers 21.55 hectares with 41,000 square meters of gaming area involving 500 gaming tables and 3,000 electronic games, two hotel towers offering 933 rooms, 21 food and beverage outlets, a 3,000-square-meter spa, a beach and night club occupying 4,500 square meters of space and one of the world’s largest dancing fountains.
Once fully operational, the 44-hectare Okada Manila is set to become the largest integrated entertainment resort in the country.
Okada Manila is the third integrated resort casino that opened in Entertainment City after Bloomberry Resort’s Solaire Resort & Casino and Melco Crown’s City of Dreams.
Both Bloomberry and Melco are listed with the Philippines Stock Exchange.
The fourth and final casino player―Travellers International’s West Side City Resorts World―targets to launch its casino operations by 2020.