Okada unit seeks slice of Philippine gaming boom
Japanese billionaire Kazuo Okada—who has made his biggest business bet on the Philippines through a $2.4-billion casino resort complex—faces an enormous challenge in attracting both wealthy Chinese highrollers and local residents who are benefiting from the country’s strong economic growth.
Okada Manila, the Philippines’ biggest integrated casino resort, officially opened its doors last Dec. 30, upping the ante in the country’s bid to become the next Asian gambling hub.
And while attracting tourists and gaming enthusiasts from around Asia to the Philippines may be a tall order in a market currently dominated by rivals Solaire Resorts and Casino and City of Dreams Manila, the Japanese gaming tycoon says he remains undaunted.
According to the businessman, the opening of Okada Manila reflects his “perseverance in achieving his dream of building a world-class integrated entertainment resort,” combining it with Manila’s “trademark hospitality and excellent service.”
Before formally opening its doors to the public, however, Okada Manila encountered numerous challenges along the way.
Four years after winning one of four licenses to operate in Entertainment City in 2008, Okada’s Tiger Resort, Leisure & Entertainment Corp. had to hurdle regulatory and land ownership issues that led to the delay in the construction and opening of his casino resort.
The tycoon denied allega- tions that he made improper payments to obtain preferential treatment. He said the provisional license awarded to Tiger Resort had similar terms to those secured by other licensees in the Entertainment City development of Philippine Amusement and Gaming Corp.
In May 2015, Pagcor forfeited a P100-million assurance bond posted by Tiger Resort for failing to meet contractual deadlines to complete the project by March 2015. The staterun gaming agency also threatened to suspend the firm’s gaming license.
Aside from these challenges, Okada has been dealing with the aftereffects of his controversial fall-out with gaming tycoon Steve Wynn who forced the Japanese billionaire out of his holdings in the Wynn Resort in Las Vegas and Macau.
Under similar circumstances, many big investors would have seriously considered folding up and moving to a friendlier location, and Okada was no exception. Company insiders said the tycoon was, at one point, “close to throwing in the towel” but decided to stay upon reviewing the prospects of the project and the local gaming industry.
“I have been around in search of a country that can host my dream, and in every country I go to I always see Filipinos,” Okada said in an earlier interview. “I observe them at work and in dealing with other people. If we take the Filipinos’ brand of hospitality—that genuine smile and ‘malasakit’—and combine it with the Japanese standard for discipline, then we can create something that will only be seen here.”