The construction of Manila Bay Resorts – a multiphase casino venue being developed by Tiger Resort Leisure and Entertainment Inc in the Philippines – is on schedule, according to a top company executive.
The project (pictured in a rendering) is being constructed at Entertainment City, in the Philippines capital Manila. Japanese pachinko and casino gaming entrepreneur Kazuo Okada controls Tiger Resort.
“The investment is on time. We will open our first phase, which is US$2.7 billion, at the end of this year,” Tiger Resort president Steve Wolstenholme told reporters in Manila on Wednesday.
Tiger Resort was given in September an extension in its construction timetable for Manila Bay Resorts. The property is now scheduled to launch in December 2016.
“It will be something that is quite spectacular and the most significant investment that is happening in the Philippines. We will change… how tourism is perceived here but also will change how the face of entertainment is perceived here,” Mr Wolstenholme added, as quoted by The Standard media outlet.
Tiger Resort earlier this month got a PHP37.6 billion (US$809.9 million) loan to “partially finance the costs” for the Manila Bay Resorts casino resort.
Brokerage CLSA Ltd expects gross gaming revenue in the Philippine market to grow 8 percent in full year 2016, it said in a report in April.
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"We forecast Grand Lisboa Palace will have EBITDA of HKD2.0 billion (US$260 million) with 330 tables by 2022, and HKD3.5 billion with 380 tables by 2023"
Credit rating agency Fitch Ratings