Gaming regulator Philippine Amusement and Gaming Corp. (PAGCOR) has formally granted Universal Entertainment Corp. subsidiary Tiger Resorts Leisure and Entertainment the much-needed extension to complete its $2b integrated casino-resort in Entertainment City.
PAGCOR Vice-President for Gaming Licensing and Development Francis Hernando confirmed the approval for timetable changes in Manila Bay Resorts project, pushing back the deadline to Dec 31, 2016.
The approval also means that the Tiger’s casino license is not suspended.
During a House committee hearing on Monday, Hernando said that Tiger Resorts has complied with the requirement set during the conditional approval, which was given in June. The requirements include the reinstatement of a PHP100 million bond ($214m), payment of over PHP30 million in penalties, improvement in the company’s corporate governance policies, and proof that the company has the financial resources to bankroll the development of the integrated resort.
Hernando also warned the company that it could face more penalties should there be any further delays in the project.
Tiger Resorts had asked for the extension after missing a March 2015 deadline to complete the project due to issues that involved the chase to find a local partner, which is mandated by laws in the Philippines for any international company.
Universal teamed up with All Seasons Hotel and Resort Corp., in which he sold 40% stake in Eagle Land II Holdings, Inc., an affiliate of Universal Entertainment, translating to about 24% of Eagle Land I Holdings, Inc.
Eagle Land I owns the 40-hectare property on which the Manila Bay Resorts would rise.
Manila Bay Resorts will be the third licensee of PAGCOR to open its integrated resort in Entertainment City after Solaire Resort and City of Dreams Manila. Westside City Resorts World of Alliance Global Group, Inc. and the Genting group’s Resorts World Bayshore will open by 2018.