Okada Mla readies expansion

Okada Manila, the newest integrated casino resort owned by Japanese gaming mogul Kazuo Okada, is already preparing to expand and is also working on the possibility of doing a backdoor listing.

In a chance interview on the sidelines of the ASEAN Prosperity for All Summit yesterday, Okada said they are now working on the next phase of the integrated casino resort.

“About 300,000 square meters will be developed for our next phase. We would be preparing for Phase 2 starting end of this year,” Okada said.

Asked about the planned backdoor listing of the company, Okada said it is a possibility but noted that nothing is final yet.

“We are still in the process of thinking about it so nothing has been finalized. It’s just being considered as of this moment,” Okada said.

Stock market players have been speculating on Okada’s backdoor entry in the local market, saying the company is already on the prowl for a listed company to acquire.

Some market insiders are speculating the move of Chemical Industries of the Philippines, the principal shareholder of LMG Chemicals Corp. to sell 65.92 percent of its shareholdings in LMG may be a backdoor entry for Okada.

Okada Manila, which commenced operations in December last year, is the third casino and resort player to open at the 100-hectare Entertainment City in Pasay.

The integrated casino resort boasts of being a major landmark in Philippine tourism especially with the addition of its $30 million light and water fountain that rivals two of the most popular fountains in the world.

Okada Manila has gaming floors, which can accommodate up to 500 tables and 3,000 slot machines, a premium shopping promenade and an impressive night club and indoor beach club.