Jul 29, 2015 Newsdesk Japan, Latest News, Philippines, Top of the deck  
The board of Japanese gaming investment company Universal Entertainment Corp has approved the appointment of Deutsche Securities Inc, part of Deutsche Bank Group, as agent for placement of between US$600 million and US$900 million in offshore private notes.
The size of the placement will be dependent on demand, with an expected issue date of August 7 and a maturity of five years on the notes, said Universal Entertainment.
Funds raised will be used for “repayment of existing short-term debt and payment for construction and development of Manila Bay Resorts,” added Universal Entertainment, referring to a casino venue being built in the Philippines.
Billionaire gaming entrepreneur Kazuo Okada, who made his original fortune via Japan’s pachinko industry, controls Universal Entertainment. The firm had approximately JPY28.78 billion (US$232.9 million) in notes payable and short-term debt as of March 31, according to Financial Times data.
Another company controlled by Mr Okada – Tiger Resort, Leisure and Entertainment Inc – is currently building the Manila Bay Resorts casino and entertainment complex (pictured in an artist’s rendering) at Entertainment City, Manila.
Universal Entertainment said in its Tuesday filing: “By the establishment of Manila Bay Resorts, the company will create a new core business and intends to become a leading Asia Pacific gaming resort and leisure operator, which region has significant future growth potential, and [the company] believes [it] will help contribute to strong growth in the company’s enterprise value.”
The firm added it had chosen Deutsche Bank as placement agent because of its “deep and long-term understanding of the company’s business and a strong global track record of gaming and leisure resort business financings”.
Tiger Resort said in an email to GGRAsia on May 18 that as of that date it had committed approximately US$750 million to the Manila Bay Resorts project, with a further US$1 billion pending.
Tiger Resort also said in May it was aiming for a 2016 opening for the casino property. The firm will hold a topping-off ceremony on Thursday at Manila Bay Resorts’ first hotel.
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”This new venture [with PH Resorts] is aligned with our strategy to increase our footprint in the Philippines, given our remarkable success with Okada Manila”
Byron Yip
President and COO of the operator of Okada Manila