Tiger Resorts Leisure and Entertainment is on the clock to find a new local partner in the Philippines. Without a local company willing to control 60% of the project, Philippine Amusement and Gaming Corporation (PAGCOR) czar Cristino Naguiat Jr. says Tiger won’t be allowed to begin operations, potentially turning the $2 billion establishment into the world’s biggest and most expensive skyline ornament.
PAGCOR has issued its most recent warning to the Kazuo Okada-owned Tiger, underscoring the importance of adhering to local laws before it can begin operations of its $2 billion integrated hotel and casino resort.
The resort is expected to open in March 2015 but local partner deals with real estate firms Robinsons Land Corporation and Century Properties Group Inc. never amounted to anything. The partnership with the latter fizzled out last month, leaving the Japanese gaming firm without a local partner in a country that requires it by law for any foreign-owned business who wants to do business in the Philippines.
Tiger Resorts did say that it’s in the process of lining up new local partners in the Philippines. The company didn’t disclose who these companies are but did say that agreements will be signed soon and thus rendering all these concerns moot.
