Tiger Resorts Leisure and Entertainment Inc. which is an affiliate of Universal Entertainment Corp. owned by Japanese Casino mogul Kazuo Okada has got a loan of PHP 37.6 billion (US$809.9 million) to partially finance costs for the Manila Bay Resorts Casino resort. This announcement was made recently by the parent company Universal Entertainment Corp on Friday during their company’s results announcement. As per the reports share the lender is BDO Unibank which has executed the loan agreement on May,6 with the tenor fixed as five years.
This $2 billion Manila Bay Resorts will be the third casino resort which is going to open in the Entertainment City and it will be Manila’s scaled down version of the Las Vegas gaming strip. Phase 1 of this multimillion Manila Bay Resorts is going to feature a casino, hotel, nightclub, multiple dining options and a fountain. This property is located in Entertainment City in the capital of Philippines. Representatives said that the construction of the property is on track and it will be launched in 2016.
As per the granted license, Tiger Resorts need to find a local partner first to commence its operations at this Manila Bay Resorts. Previously it was Century Properties Group Inc. which was to work in collaboration with the Japanese gambling operator as well as also to develop their residential and commercial project as a part of the 44-hectare integrated resort. But last year Century properties filed a lawsuit against Okada group and the investment agreement was cancelled between the two entities. Though few days the Philippine company announced that they would withdraw the case after both the parties had settled their disagreements in an amicable manner.
This project which is to due to open in December 2016 needs to find a local partner to ensure that they can commence their operations in a smooth and amicable manner. Tiger Resort Leisure and Entertainment Inc has found a Philippine partner to work on this billion dollar Manila Bay resort project, however, they have yet to disclose the name of their partner. With the company getting a $800 million dollar loan Universal Entertainment on Friday reported profit rose 53.9 percent year on year for the fiscal year ending march 31, 2016. Even the net sales of the company went up by 4.1 percent to JPY 91.7 billion as per the filing.
