Latest reports have confirmed that Japanese casino magnate Kazuo Okada might strike a partnership with businessman Antonio O. Cojuangco for the project regarding the construction of a $2 billion casino in what is known as the Entertainment City, in Manila.
Universal Entertainment Corp, owned by Okada, sold 40% of its stakes to the All Seasons Hotels & Resorts Corp. belonging to Mr. Cojuangco. Considering the filing to JASDAQ Securities Exchange from May 15, Eagle II Holdings is excluded as the company’s subsidiary.
The Philippine Amusement and Gaming Corp granted Mr. Okada one of four licenses available for opening casinos in Entertainment City.
For the project to become a reality Tiger Resorts Leisure and Entertainment Inc, must partner-up with a local firm.
Although the Manila Bay casino was due to open in March of 2015, land ownership issues interfered, and the grand opening was rescheduled for 2016.
This is the third casino to be constructed in the Entertainment City complex. The complex is expected to become Asia’s next gambling hot spot, especially since Macau is going through revenue hardships.
Two other casinos have already opened their doors in the colossal complex and a fourth one is to be launched in 2018.