Okada faces tough challenge in luring high-rollers
Japanese tycoon Kazuo Okada is bracing himself for a tough challenge in luring Asia’s large and growing middle class and wealthy high-rollers into his $2.4 billion integrated resort along a reclaimed land in Manila, which has become the new battleground among casino operators.
Okada Manila, the third casino to open within the Entertainment City in Parañaque City, will test its ability to attract wealthy gamblers and tourists to one of Asia’s less glamorous capitals. It formally commenced operations last Dec. 30, putting the Philippines closer to its dream of becoming the next Asian gambling hub.
Attracting clients from around Asia may be a difficult task in a market where port magnate Enrique Razon’s Solaire and Melco Crown’s City of Dreams Manila are already competing for space but Okada, who has been tested by a litany of problems, remains undaunted.
The opening of Okada Manila is an indication of the stakes riding on the country’s ambition to join Macau and Singapore among top gambling destinations in Asia. It also reflects the Japanese billionaire’s perseverance in achieving his dream of building a world-class entertainment resort, integrating it with Manila’s trademark hospitality and excellent service.
Unfazed by competition, Okada expects his biggest business gamble to pay off as he sees the country overtaking Singapore in gaming revenue amid improving relations between the Philippines and China and a thriving local casino market where residents are free to gamble.
It took four years for Okada to complete his Manila casino amid a flurry of challenges which involve regulatory and land ownership issues accompanied by a government investigation into bribery allegations following his feud with Wynn Resorts.
Okada, who made his fortune manufacturing Pachinko machines, denied allegations he made improper payments to obtain preferential treatment,, saying the provisional license awarded to his company, Tiger Resort, had similar terms to those secured by other Entertainment City licensees.
In May 2015, PAGCOR forfeited a P100 million assurance bond posted by Tiger Resort for failing to complete contractual deadlines to complete the project by March 2015 The state-run gambling agency also threatened to suspend Tiger Resort’s gaming license.