Okada Manila Begins Gaming Operations

MANILA, Philippines – More than seven days following Okada Manila’s preview of its casino operations, Tiger Resort Leisure & Entertainment, Inc. is commencing its actual run today.

On Wednesday, the company released a late-day statement stating that at 7 P.M. today, the casino operations of Okada Manila in Parañaque’s Entertainment City would start. The gaming area could be found in its latest integrated resort and casino project.

Kazuo Okada, a gaming mogul from Japan, owns Okada Manila. According to Okada’s company disclosure, they would start the operations of the casino given they have received their license and green light from Philippine Amusement and Gaming Corporation (PAGCOR) on December 21.

Besides the casino operations, Tiger Resort would also open the registration for Reward Circle, a membership club. Upon listing, members would be able to earn points immediately.

Okada Manila would ensue its preview period. Interested proponents should also look forward to additional restaurants and launching of the hotel, which would be announced in the upcoming weeks. By the end of February next year, the grand opening of the integrated resort and casino would take place.

On December 21, Okada Manila held a preview session in compliance with its PAGCOR’s licensing deal. In 2015, the Okada-led firm was fined worth $2.2 billion and received suspension warning due to project delays.

In November, the soft opening of its casino and other facilities has been scheduled. The company has further delayed it to December 21.

In a disclosure of Okada’s Universal Entertainment Corp. to the Tokyo Stock Exchange on October 3, the company declared that the development did not fall behind the original schedule although the progress has been deviating in some way from the plan. The firm claimed that the development has been influenced by worse than anticipated conditions of the weather.

The aforementioned statement was released by Okada’s company following President Duterte’s order of online gaming operations’ closure. The national leader’s crackdown produced uncertainty to the future of gaming operations in the country.

Universal Entertainment also noted that they are looking into the most suitable timetable for the opening of its facility to streamline the Philippines’ economic condition and government provision. The company highlights its goal to maximize value for its shareholders. Nonetheless, the firm did not specify risks in its objective.

So far, the development of Okada Manila required Tiger to invest as much as $2.4 billion. The first phase of the project comprises 21.55-hectare property. The landform owned by PAGCOR and awarded to the company is found at Manila Bay’s foreshore with a total cover of 44 hectares.

About the Author
The Stock Signals Philippines is the online news media arm of Equilyst Analytics. Inc., an SEC-registered stock market consultancy firm in the Philippines that guides Filipinos on long-term investing and short-term trading and offers mentoring services.

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