RLC-Okada group bares details of $1-B resort-complex project

MANILA, Philippines - Japanese billionaire Kazuo Okada’s Universal Entertainment Corp. and taipan John Gokongwei’s Robinsons Land Corp. (RLC) unveiled yesterday the blueprint for the proposed $1-billion world-class integrated resort in Entertainment City along Manila Bay, slated for opening in 2014.

In a briefing, Henry Yap, general manager for RLC’s office buildings division, said the entertainment complex, which will rise on a 44-hectare reclaimed land on Roxas Blvd., will offer state-of-the-art gaming facilities, three hotels with a total of 2,000 rooms, upscale residential towers and an artificial beach club.

Two of the hotels will be luxurious while one will be a four-star hotel.

Yap said the project will feature a  Las Vegas-style water fountain, chic restaurants, high-end retail shops,  trade halls, cinemas and two levels of parking.

The entire development, called Manila Bay Resorts, will comprise half a million square meters of space.

Okada’s Tiger Resorts & Leisure Corp. is one of four groups that were granted a license by the state-run gaming firm Philippine Amusement & Gaming Corp. (Pagcor) to operate a casino within the 100-hectare Entertainment City, which is touted to become the  number two gaming destination worldwide.

RLC finalized  a  deal with Okada last week  to jointly develop the gaming complex. Under the agreement, RLC is seen to  take a 60-percent stake in the company that will own the property to comply with the country’s 40-percent foreign ownership limit.

RLC will also acquire a significant minority stake in an operating company that will manage the casino, hotel, retail, residential and entertainment components of the project.

The casino resort is expected to create another revenue stream for RLC when it opens in late 2014 or early 2015.

 Sister firm Cebu Pacific, the country’s largest budget carrier, is also expected to benefit from the partnership between Okada and RLC as they target to fly tourists from Southeast Asia to the Philippines.