CASINO

Okada Manila eyes Philippine backdoor listing

TAGs: Kazuo Okada, okada manila, Philippines

Japanese casino mogul Kazuo Okada is looking to expand his footprint in the Philippines through a possible backdoor listing.

Okada Manila eyes Philippine backdoor listingThe Philippine Star reported that Okada is toying with the idea of joining the Philippine Stock Exchange through a backdoor listing.

Traders in the Philippine bourse are speculating that Okada is on the watch for a Philippine listed company to acquire. Market insiders are particularly keeping an eye on Chemical Industries of the Philippines (CIP) and LMG Chemical Corp.

CIP, which is the principal shareholder of LMG, is reportedly selling 65.92 percent of its shareholdings in the company.

Okada, who was interviewed on the sidelines of the ASEAN Prosperity for All Summit last week, confirmed that he is interested in joining the Philippine bourse but insisted that it’s still only an option.

“We are still in the process of thinking about it so nothing has been finalized. It’s just being considered as of this moment,” Okada said.

What is certain right now, according to Okada, is work on the next phase of the Okada Manila integrated casino resort.

“About 300,000 square meters will be developed for our next phase. We would be preparing for Phase 2 starting end of this year,” Okada said.

Okada Manila, which commenced operations in December last year, is the third resort to open at the 100-hectare Entertainment City in Pasay.

The $2.4-billion property was initially slated to have its full opening last February, but the target date was changed to the end of March as “the construction focus has been on the VIP casino floors, restaurants, world-class fountains and other facilities in preparation for the grand opening.”

The integrated casino resort boasts of being a major landmark in Philippine tourism especially with the addition of its $30 million light and water fountain that rivals two of the most popular fountains in the world.

Okada Manila has gaming floors which can accommodate up to 500 tables and 3,000 slot machines, a premium shopping promenade and an impressive night club and indoor beach club.

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