GGRAsia – Tiger Resort gets US$800 mln loan for Manila project

Tiger Resort gets US$800 mln loan for Manila project

May 17, 2016 Newsdesk Japan, Latest News, Philippines, Top of the deck

Tiger Resort Leisure and Entertainment Inc, a company controlled by pachinko and casino gaming entrepreneur Kazuo Okada, got a PHP37.6 billion (US$809.9 million) loan to “partially finance the costs” for the Manila Bay Resorts casino resort (pictured in a rendering) in the Philippines.

The information was disclosed in a filing on Friday from Tiger Resort’s parent company, Japan’s Universal Entertainment Corp.

The loan agreement with BDO Unibank Inc was executed on May 6. The loan will have a five-year tenure, starting from the initial drawdown date, said Universal Entertainment.

Manila Bay Resorts – a multi-phase development – has been described as an approximately US$2-billion scheme. It is being developed at Entertainment City, in the Philippines capital Manila.

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.

In Friday’s filing, Universal Entertainment said most work on the exterior of the hotel towers at Manila Bay Resorts “has been completed and interior work has started”.

“In addition, construction is proceeding with the glass corridor fountain and framework for the glass dome,” the parent firm said. “Following its completion in December 2016, Manila Bay Resorts will provide guests with entertainment that ranks among the best in the world,” it added.

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.

On Friday, in Universal Entertainment’s fiscal results for the 12 months ending March 31, 2016 – reported to the Tokyo Stock Exchange – the group reported its profit rose 53.9 percent year-on-year to nearly JPY15.7 billion (US$144 million). It additionally said its net sales went up 4.1 percent from the previous fiscal year, to approximately JPY91.7 billion.