• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Features
  • Industry Talk
  • Trends & Tech
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Pagcor mulls penalising Okada Philippine unit for delay

Oct 08, 2014 Newsdesk Latest News, Philippines, Top of the deck  


Pagcor mulls penalising Okada Philippine unit for delay

The Philippine Amusement and Gaming Corp (Pagcor), the country’s gaming regulator, is considering penalising Tiger Resort, Leisure and Entertainment Inc if it fails to open the US$2-billion Manila Bay Resorts (pictured in a rendering) early next year.

Tiger Resort is the local affiliate of Universal Entertainment Corp, led by Japanese entrepreneur Kazuo Okada.

Local media quoted Pagcor’s chairman Cristino Naguiat Jr. as saying that March 2015 was the deadline originally agreed between the casino operator and the government.

The company last month gave a different deadline. Tiger Resort said the launch of the first phase of the casino resort along Manila Bay was on target for late 2015.

“Our lawyers are looking into it. I’m sure there will be a penalty,” Mr Naguiat told reporters on Tuesday, according to the Philippine Daily Inquirer.

The penalty could include Tiger Resort losing a PHP100 million (US$2.2 million) guarantee. It is a sum that each of the private sector casino developers in Entertainment City, a Las Vegas-style cluster of multibillion U.S. dollar casino venues being built in the Manila Bay area of the capital, are required to lodge with the regulator either in the form of a bank guarantee, letter of credit or surety bond.

Tiger Resort officials were not immediately available to comment.

Manila Bay Resorts will be the third integrated resort to be opened at Entertainment City, under the four licences that have been granted by Pagcor.

The latest development comes amid a dispute between a group of companies controlled by Mr Okada and Philippine developer Century Properties Group Inc.

In July, a Philippine court barred Mr Okada and his companies from terminating the partnership with Century Properties to develop jointly the casino and real estate project.

Under the country’s constitution and public land laws, only Filipinos, or entities owned at least 60 percent by Filipino citizens, are allowed to own land, thus restricting Mr Okada or his majority-owned companies to just 40 percent ownership.

Mr Naguiat had previously said that the Manila Bay Resorts would only be authorised to open once it had a local partner.

Century Properties said last month it would be willing to resume talks about a tie-up if the terms of the original agreement would be retained.


  • tweet
Related articles
  • Hoiana official opening scheduled for 2H 2021: UBS
    Hoiana official opening scheduled for...

    Jan 25, 2021  

  • Okada Manila warns against online casino, sale rumours
    Okada Manila warns against online...

    Jan 25, 2021  

More news
  • Philippines to add POGOs to AML law to avoid FATF grey list
    Philippines to add POGOs to AML law to...

    Jan 25, 2021  

  • CNY daily visit average could be down versus Xmas: MGTO
    CNY daily visit average could be down...

    Jan 25, 2021  


Latest News

Hoiana official opening scheduled for 2H 2021: UBS

Hoiana official opening scheduled for 2H 2021: UBS

Jan 25, 2021  

Brokerage UBS Securities Asia Ltd says in a recent note that the official opening for the Hoiana resort (pictured in an artist’s rendering), a Vietnam casino complex, is now planned for the second...
Read More
Philippines to add POGOs to AML law to avoid FATF grey list

Philippines to add POGOs to AML law to avoid FATF grey list

Jan 25, 2021  

Okada Manila warns against online casino, sale rumours

Okada Manila warns against online casino, sale rumours

Jan 25, 2021  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Partners

Pick of the Day

"We have estimated that on average, the [daily] visitor arrivals for this year’s Chinese New Year break could turn out to be a bit weaker than for the Christmas holiday period"

Maria Helena de Senna Fernandes

Director of the Macao Government Tourism Office



Most Popular

  • Sands China sixth Macau op to pledge staff extra paymentSands China sixth Macau op to pledge staff extra payment January 21, 2021
  • Londoner Macao first phase launch Feb 8 says Sands ChinaLondoner Macao first phase launch Feb 8 says Sands China January 21, 2021
  • Macau Covid-19 case no bar to mainland travel tiesMacau Covid-19 case no bar to mainland travel ties January 22, 2021
  • Digital yuan eventually for Macau mass bets mulls BernsteinDigital yuan eventually for Macau mass bets mulls Bernstein January 22, 2021
  • Yokohama announces RFP timeline for casino bidYokohama announces RFP timeline for casino bid January 22, 2021
Copyright 2014-2020 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us