The parent company of Okada Manila, one of the integrated resort and casinos operating in the county, plans to venture into real estate development including condominium projects.
Universal Entertainment Corp., which owns Tiger Resort, Leisure and Entertainment Inc., the owner and operator of Okada Manila, said in a statement it planned to form a joint venture to develop the land adjacent to the casino resort.
It said the move to venture into other real estate developments was in response to the steady expansion of its casino business. This will also strengthen the profitability of its integrated resort business.
“At this stage, the base of our most leading IR business within Asian market has almost been completed as the first phase. Going forward, in addition to plans to develop condominiums and other forms of real estate, we also have plans to collaborate with businesses with which we expect to have a synergy and entice major brand hotels,” UEC said.
UEC said several joint ventures were being planned and that discussions with multiple candidates were ongoing.
UEC said it was also planning to foray into medical field. “We are also pushing forward with plans in the medical field in the form of an advanced clinical testing and medical care center with the implementation of the world’s cutting-edge testing and medical equipment in the field,” UEC said.
UEC earlier reported that gross gaming revenues at Okada Manila hit P35.1 billion in the first 11 months as gaming revenues from VIP table amounted to P17.1 billion while revenues from mass market table reached P8.8 billion. Revenues from gaming machines hit P9.6 billion.
Non-gaming-related revenues amounted to P2.2 billion from January to November this year as average hotel occupancy rate hit 97.9 percent in the 11-month period.
Opened in 2016, the 44-hectare Okada Manila was the third integrated resort and casino to open in government sponsored Pagcor Entertainment City after Bloomberry Resort’s Solaire Resort & Casino and Melco Crown’s City of Dreams.
Once fully operational, Okada Manila is set to become the largest integrated entertainment resort in the country that will occupy a total floor area of 34,321 square meters, housing over 500 table games and more than 3,000 electronic gaming machines.