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November 25, 2013

Okada firm starts building casino-resort in Entertainment City





Kazuo Okada, speaks during the ground-breaking ceremony
of its casino-hotel projects in Manila.
Reuters/Romeo Ranoco




MANILA, Philippines → Tiger Resort, Leisure and Entertainment Inc., owned by Japanese billionaire Kazuo Okada, is on track to open its integrated entertainment and resort project at the Entertainment City by 2015, Tiger president Masahiro Terada said.

Terada said the firm has already invested $200 million for the initial phase of construction of the 44-hectare Manila Bay Resorts, which will consist of six-star and five-star hotels, 20 food and beverage destinations, retail and spa facilities and residential properties.

"We've already started our construction, which will consist of several phases, three or four, but we're on track of our 2015 target," Terada said.

Terada noted that Okada remains committed to invest a total of $2 billion at the Entertainment City despite facing legal battles.

Okada is facing charges of violations of the Philippine Anti-Dummy Law, Public Land Act, Foreign Investment Act and Article XII of the constitution.

He was earlier warned by the Philippine Amusement Gaming Corporation Entertainment (Pagcor) that his license will be revoked if proven that he had resorted to bribery in order to secure Tiger's license and violated Philippine laws.

Okada’s group entered into a partnership with the Antonio-led Century Properties Group Inc. in developing a 5-hectare property within the Entertainment City.

Century Properties, however, said they will not be involved in the gaming business of the Okada group.


source: ABS-CBN News.com / Business

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