Universal Entertainment boss Kazuo Okada is putting an additional $700m investment to its $2 billion Philippine venture, the Manila Bay Resorts.
According to Universal’s subsidiary Tiger Resort Leisure and Entertainment’s updated project implementation plan, Manila Bay Resorts will add 97,000 square meters (sq.m.), including two hotel towers with a sky bridge. There will also be 15,000 sq.m. additional guest rooms and 30,000 sq.m. for additional parking space to accommodate 1,000 more cars.
Tiger Resorts’ adjustments improvement of both structural and architectural designs of the project as well as enhanced water and electrical system.
“The improvements were made to ensure a world-class property that will make Filipinos proud. Tiger Resort is committed to deliver the biggest integrated resort and casino property in the country that aims to attract locals and foreigners alike,” the company said.
Last week, Tiger Resorts got an approval from the Philippine gaming regulator to extend its deadline to complete its casino-resort to Dec 31, 2016.
The company also announced dropping demands for damages against a group of former employees, who accused the firm of paying bribes worth up to US$40 million to ensure Universal Entertainment received a provisional casino license in the Philippines. The company said it wanted to focus on completing its casino project.
Universal Entertainment was seeking damages to cover $10m in claimed losses for the legal dispute involving three former employees in two related lawsuits but said a financial institution has suggested to end the litigation in order to raise funds for the Manila Bay Resorts smoothly.
The company did not identify the financial institution involved in the request to drop the legal action. The report from Reuters stated that one of the former employees was still pursuing a counterclaim lawsuit filed in 2013 against Universal Entertainment, Okada and a company lawyer Yuki Arai, alleging defamation. Universal and related affiliates have denied the payment of any bribes.
