Tiger Resorts Leisure and Entertainment Inc., a firm controlled by Japanese gaming entrepreneur Kazuo Okada, announced that it has found a Philippine partner to work with the $2-billion integrated resort Manila Bay Resorts.
Tiger Resorts officials told the Philippine Star that they will reveal the name of their local partner soon and promised that the construction of the property is on track and it will be launched in 2016.
“Given that we have submitted a request for extension of our provisional license for the first quarter for 2017, we are actively targeting to open the property by 2016,” the officials said.
Phase 1 of the $2-billion Manila Bay Resorts would feature a casino, hotel, night club, a wide variety of dining options, and a fountain.
Century Properties was supposed to be in charge of developing a luxury residential and commercial project on a five-hectare property at the 44-hectare Manila Bay Resorts project, however the Okada Group terminated the investment agreement.
Century Properties withdrew its lawsuit against Okada on Thursday, saying that a recent meeting it had with Okada had resulted in the matter being settled “amicably.”
“We recognize that the disagreement between our companies was a result of a misunderstanding of the issues, which were clarified in our meeting with Mr Okada. We are now taking the appropriate legal steps to withdraw the case, as we focus our attention to more constructive matters. We wish the Okada group continued success in its projects,” Century Properties said in a statement.
“We believe it is commendable that Century Properties worked with us in finding resolution, and we thank them for that,” Tiger Resorts officials said.
There is no confirmation yet as to whether or not the two firms will pursue a partnership for the Manila Bay Resorts project.
Manila Bay Resorts is set to be the third of four integrated resort-casinos to open in Entertainment City, the country’s new gaming hotspot.
Solaire Resort & Casino, owned by Bloomberry Resorts Corp., was the first to open in Entertainment City in March 2013. Solaire was followed by City of Dreams Manila, the joint venture of Melco Crown Entertainment Ltd. and Belle Corp., which commenced operations in December 2014. Both projects have since secured regular gaming licenses from Philippine Amusement and Gaming Corporation (PAGCOR).
Resorts World Bayshore, a joint venture between Genting Hong Kong Ltd. and Alliance Global Group Inc., is expected to officially open in 2018.