Manila Bulletin

Pagcor ex­tends dead­line for $2-B Okada casino

- Business · Casinos · Gambling · Manila · Philippine Amusement and Gaming · Philippines · Las Vegas

The Philip­pine gam­ing reg­u­la­tor said it would ex­tend by one year the dead­line for a Uni­ver­sal En­ter­tain­ment Corp. af­fil­i­ate to fin­ish con­struc­tion of a $2-bil­lion in­te­grated casino-re­sort pro­ject.

Tiger Re­sorts Leisure and En­ter­tain­ment, Inc., the lo­cal unit of gam­ing mag­nate Kazuo Okada's Uni­ver­sal, had asked for the ex­ten­sion af­ter miss­ing a March 2015 dead­line to com­plete the Manila Bay Re­sorts pro­ject.

The com­pany, which al­ready had its $2.2-mil­lion guar­an­tee con­fis­cated by the gam­ing reg­u­la­tor Philip­pine Amuse­ment and Gam­ing Corp. (Pagcor), has said it would fin­ish the pro­ject by De­cem­ber, 2016.

There was no im­me­di­ate com­ment from the com­pany on the dead­line ex­ten­sion.

Fran­cis Her­nando, Pagcor vice pres­i­dent, said Tiger now had to set aside a new 100 mil­lion pe­sos ($2.14 mil­lion) guar­an­tee fee, im­prove its cor­po­rate gov­er­nance and sub­mit a bank guar­an­tee that it could fi­nan­cially sup­port the pro­ject.

He also warned the com­pany that it could face more penal­ties should there be any fur­ther de­lays in the 44-hectare (108.7acre) in­te­grated casino-re­sort pro­ject. "It's a ma­te­rial breach of the pro­vi­sional li­cense so sus­pen­sion and re­vo­ca­tion is pos­si­ble," Her­nando added.

Tiger holds one of four li­censes to op­er­ate a casino com­plex in En­ter­tain­ment City, the Philip­pines' much smaller ver­sion of the Las Ve­gas gam­ing strip. (Reuters)

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