Several Philippine newspapers report – citing comments by Japanese gaming entrepreneur Kazuo Okada (pictured) – that he may seek a listing for the promoter of his Okada Manila casino resort via a firm already quoted on the Philippine Stock Exchange.
“We are still in the process of thinking about it so nothing has been finalised. It’s just being considered as of this moment,” Mr Okada was quoted as saying – via a translator – on the sidelines of a conference in Manila on April 27.
It had been reported in December by the Philippine media that Mr Okada was mulling a Philippine listing – possibly a year on from that date – for what was termed his “casino business”. The latest reports suggested any listing might be for Okada Manila’s promoter, Tiger Resort, Leisure and Entertainment Inc, a firm controlled by Mr Okada.
Okada Manila, slated as a multi-phase US2.4-billion scheme, had a soft opening – referred to by the venue’s promoter as a “preview period” – on December 21, and officially launched its casino operations on December 30.
On March 31, the resort opened some shops and five food and drink outlets, along with a large fountain at the heart of the property.
As of that date, the website of Tiger Resort also confirmed that a hotel facility at Okada Manila was accepting bookings. It did not clarify how many rooms were available. The project’s design calls for a two-wing hotel with 993 rooms.
Last week’s stories quoted Mr Okada as saying preparations would start this year for the second phase of Okada Manila.
“About 300,000 square metres [3.2-million sq feet] will be developed for our next phase. We would be preparing for phase two starting end of this year,” the Philippine Star quoted Mr Okada as saying.
The Okada Manila project is said to have space for up to 500 gaming tables and 3,000 electronic gaming machines, according to previous statements by the scheme’s promoter.
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”Given that the blanket casino closure [in Macau due to Typhoon Mangkhut] happened on an all-important weekend day… we expect that somewhere between MOP1.1 billion [US$136.2 million] and MOP1.5 billion in GGR will be lost”
Analyst at Union Gaming Securities Asia