Corporate News

By Keith Richard D. Mariano

Okada’s Tiger Resorts begins second stage of Manila casino

Posted on May 26, 2016

TIGER RESORTS, Leisure & Entertainment, Inc. has started the second stage of development in its integrated casino and resort at Entertainment City in Parañaque, with the first phase slated to open by the year end.

“We’re already starting Phase 2, even though that will probably go on for a few years,” Tiger President Steve Wolstenholme said on the sidelines of the Asia Real Estate Summit 2016 presented by JLL Philippines in Pasay City on Wednesday.

The company controlled by Japanese casino mogul Kazuo Okada has invested $2.7 billion to complete the first phase of the Manila Bay Resorts project.

“(The investment) obviously shows the confidence our owner, Mr. Okada, has in the Philippines, this property, the prospects of tourism and the branding,” Mr. Wolstenholme said.

The first phase is expected to generate 8,000 jobs, mostly for Filipinos. The company will create mentorship and development programs to ensure that Filipinos will get the best opportunities, Mr. Wolstenholme said.

The company is developing the integrated casino and resort project in four phases. It has already started piling work for the second stage, Mr. Wolstenholme said.

He said the schedule and budget for the other phases will depend on the company’s cash flows, among others.

“We’re still evaluating the expenditure... We expect the additional phases to be hundreds and millions of dollars but that is going to be determined by how we see that master plan going forward,” Mr. Wolstenholme noted.

Asked whether the company will pursue its listing on the local stock market, Mr. Wolstenholme said: “At some point we were keen to pursue those opportunities, but right now, our focus is to get open.”