GGRAsia – Okada Manila to add condos, group to foray into medical field

Okada Manila to add condos, group to foray into medical field

Dec 05, 2019 Newsdesk Latest News, Philippines, Top of the deck

The promoter of the Okada Manila casino resort in the Philippines plans to “develop condominiums and other forms of real estate” in a land plot adjacent to the casino scheme. The information was included in a Wednesday written announcement by Japanese gaming conglomerate Universal Entertainment Corp.

Universal Entertainment’s subsidiary Tiger Resort, Leisure and Entertainment Inc operates the Okada Manila casino resort (pictured).

In Wednesday’s release, the company said that some of its representatives had a meeting in mid-November with Philippine President Rodrigo Duterte, to brief the official about the development of the casino resort.

In the announcement, Universal Entertainment said it had also briefed President Duterte about its plans to collaborate with third parties in order to “entice major brand hotels” to the Philippine market. The release did not provided specifics on the condominium plans, nor on the development of new hotel projects.

The group said additionally that it was “pushing forward” with plans to expand into the medical field, with the development of “an advanced clinical testing and medical care centre” in the Philippines. Such project would feature some of the world’s most “cutting-edge testing and medical equipment,” said Universal Entertainment.

In a November filing, Universal Entertainment mentioned the development of a land plot adjacent to the casino resort with the aim of entering into the real estate business. The group said the real estate business would be part of the integrated resort segment.

Universal Entertainment said at the time it planned to launch “several joint ventures” to pursue the real estate business, adding that it was engaged in “discussions with multiple candidates”. “This [real estate business] will strive to strengthen the profitability of … [the] integrated resort business,” said at the time the Japanese conglomerate.

Universal Entertainment reported last month net sales of JPY93.48 billion (US$859.2 million) in the first nine months of 2019, up by 39.5 percent in year-on-year terms. Such growth was boosted by an increase in sales at Okada Manila, which grew by 46.7 percent year-on-year to nearly JPY49.61 billion.