Japanese billionaire Kazuo Okada, owner of the $2.4 billion Okada Manila, is ready to compete for a slice of the lucrative gaming industry in the Philippines.
Okada Manila, the country’s biggest integrated casino resort, opened its doors on December 30, upping the ante in the country’s bid to become the next Asian gambling hub.
Attracting tourists and gaming enthusiasts from around Asia to the Philippines is Okada’s objective in competition with Solaire and City of Dreams Manila. Despite the head-start of the two gaming giants, the Japanese tycoon is undaunted.
The opening of Okada Manila reflects Okada’s perseverance in achieving his dream of building a world-class integrated entertainment resort, blending it with Manila’s trademark hospitality and excellent service.
Okada Manila was not an overnight success, however. It encountered numerous challenges along the way.
Four years after winning one of four licenses to operate in Entertainment City in 2008, Okada’s Tiger Resort, Leisure & Entertainment Corp. faced a plethora of regulatory and land ownership issues that led to the delay in the construction and opening of his casino resort.
The tycoon denied allegations he made improper payments to obtain preferential treatment, stressing the provisional license awarded to Tiger Resort had similar terms to those secured by other Entertainment City licensees.
In May 2015, Philippine Amusement and Gaming Corp. forfeited a P100-million assurance bond posted by Tiger Resort for failing to meet contractual deadlines to complete the project by March 2015. The state-run gaming agency also threatened to suspend Tiger Resort’s gaming license.
Aside from these challenges, Okada has been dealing with the after effects of his controversial fallout with gaming tycoon Steve Wynn who forced the Japanese billionaire out of his holdings in the Wynn Resort in Las Vegas and Macau.
People close to the tycoon say he was close to throwing in the towel, but his faith in Filipinos prevailed in the end—leading to his decision to go against all odds.
“I have been around in search of a country that can host my dream but in every country I go to, I always see Filipinos. I observe them at work and in dealing with other people. If we take the Filipinos’ brand of hospitality—that genuine smile and “malasakit”—and combine it with the Japanese standard for discipline, then we can create something that will only be seen here,” Okada told reporters in an earlier interview.
