Novosti operatera

The Philippines – Local partner essential before Manila Bay Resorts opens

The Philippine Amusement and Gaming Corp (PAGCOR) has confirmed that Tiger Resorts Leisure and Entertainment, owned by Kazuo Okada, will not be able to open Manila Bay Resorts until it has secured a local partner to work with.

PAGCOR Chairman Cristino Naguiat Jr said: “Even if they finish it they still cannot open it if they do not have a local partner. Before opening they should abide by all Philippine laws.”
The US$2bn integrated hotel and casino resort is due to open in Entertainment City in Manila Bay by March 2015. Legislation dictates that an ownership model must be in place of 60/40 in favour of investors originating from the Philippines.

Okada’s Eagle I Landholdings and Century Properties are expected to battle it out in court after Mr. Okada terminated a deal for Century to be a real estate partner in Manila Bay Resorts. The Japanese billionaire believes the project in Entertainment City will open on time despite a legal dispute with Century Properties Group.

Okada grupa je izjavila: “Naša gradnja napreduje prema planu. Trenutno ova konstrukcija uključuje hotelski toranj i etaže kasina. Predviđamo masovno zapošljavanje operativnog osoblja tijekom našeg planiranog otvaranja u trećem tromjesečju 2015. U vezi s pitanjem o optužbama Century Properties Group Inc. (CPGI), žalimo što je razvoj krenuo onako kako jest. Želimo reći da nije bilo financijskih transakcija s CPGI-jem i Okada grupom.”
The Okada group added: “Our goal is to contribute to the Philippine economy through our investments in PAGCOR city and generate employment to thousands of Filipinos, during the construction phase and the operational aspect of the project.”