Manila Bay Resorts on track for December opening

Kazuo Okada’s Manila Bay Resorts is on track to open by year end, local media reports.

Tiger Resort president Steve Wolstenholme recently commented that the company remains confident about the opportunities in the country despite being the third player to open a gaming facility in Entertainment City.

“The investment is on time. We will open our first phase which is a $2.7-billion [facility] at the end of this year. It will be something that is quite spectacular and the most significant investment that is happening in the Philippines,” Wolstenholme said at the sidelines of a real estate forum held in Pasay City.

“We will change the face in the way how tourism is perceived here but also will change how the face of entertainment is perceived here,” he added.

“We are also extremely bullish about the prospects of the country moving forward,” Wolstenholme said.

Wolstenholme also said the company sees China as one of its main markets, however hopes to lure tourists from neighboring countries including Indonesia, Malaysia, and India.

The $2.7 billion Tiger Resort project is one of four integrated casino resorts in Manila Bay’s Entertainment City complex.

Phase 1 of the project includes 1,000 hotel rooms, 500 gaming tables and 3,000 slot machines, 80,000 square meters of retail space, a beach club and nightclub, an iconic dome, and a dancing water fountain.

Recently, Tiger Resorts received a PHP 37.6 billion (US$809.9 million) loan to partially finance costs for its Manila Bay Resorts. The announcement was made in a results filing from its parent company, Japan’s Universal Entertainment Corp. According to the filing, the lender is BDO Unibank, who executed the loan agreement on May 6, with the tenor set at five years from the initial drawdown date.