MANILA, Philippines - The group of Japanese tycoon Kazuo Okada is in talks with several listed companies as a possible local partner for its $2-billion megacasino project in Parañaque.
Construction of the integrated resorts project in the country’s gaming hub is seen to be completed early next year, said the Cristino Naguiat, chairman of Pagcor.
“They are doing the construction [and] they are still looking for local partners,” Philippine Amusement and Gaming Corp. (Pagcor) chairman Cristino Naguiat told reporters last week.
In March, the Okada Group terminated its partnership with the Century Properties Group Inc. of the Antonio family after First Paramount Holdings 888 Inc., another party to the transaction, backed out of the deal. In May 2013, Tiger Resorts ended its partnership with Gokongwei-led Robinsons Land Corp. to jointly develop the hotel and casino complex.
“Their commitment is for them to set up by March next year,” Naguiat said.
“Universal Entertainment continues to contribute to the Philippine economy and to generate employment by carrying forward our casino resort project Manila Bay Resorts,” the company said in a recent filing with Tokyo’s Jasdaq Securities Exchange.
However, the Okada Group is barred from starting commercial operations of the $2-billion megacasino without a local partner, Naguiat said.
Naguiat said the opening of Manila Bay Resorts will boost the clustering effect in the Philippines’ gaming complex.
The Okada Group is one of four licenses to operate a casino complex in the 120-hectare Pagcor Entertainment City, which is being groomed as the Philippines’ answer to gaming hubs in Singapore, Las Vegas and Macau.
Last year, port mogul Enrique Razon opened the $1.2-billion Solaire Casino & Resort while SM Group’s Belle Corp. and Macau casino giant Melco Crown Entertainment Ltd. will start commercial operations of the $1.3-billion City of Dreams Manila in October. The $1.1-billion Resorts World Bayshore of Travellers International Hotel Group Inc. will open in 2017 at the earliest.