Newly-opened Philippine integrated resort Okada Manila planning to close the year with the official launch of its casino operations on December 30.
The announcement comes after the $2.4-billion casino resort secured a notice to commence casino operations from state gambling regulator, the Philippine Amusement and Gaming Corporation (PAGCOR), last December 21.
Under the terms of the deal with PAGCOR, Okada Manila’s casino operations will start under a provisional license. A permanent license is expected to be granted at a later stage.
Okada Manila, developed by Philippines-based Tiger Resort, Leisure and Entertainment Inc., opened its doors to the public last December 21—an event referred to by the venue’s promoter as a “preview period.” The official opening for the resort, which sits on a 44-hectare property, will take place at the end of February 2017, Tiger Resorts said in a statement.
Kazuo Okada, who chairs Tiger’s parent company, Japanese gaming conglomerate Universal Entertainment Corp, told ABS-CBN News that Okada Manila’s first phase would create between 8,000 and 10,000 jobs, rising to 20,000 jobs within two years as new phases are completed.
Okada also suggested that he would list his “casino business” on the Philippine stock exchange in a year’s time. The Japanese gaming tycoon believes the casino will turn a profit in its first year of operation and recoup his total investment within three to five years.
Okada Manila joins Bloomberry Resorts’ Solaire Resort & Casino and Melco Crown Entertainment’s City of Dreams Manila, while the fourth and final Entertainment City project, Travellers International’s West Side City Resorts World, is targeting a 2020 launch.
The property has a two-wing hotel with 993 rooms. Aside from the casino, the resort also features restaurants, shops and meeting space. Okada Manila said the opening of the hotel and additional restaurants would be announced in the coming weeks.