Universal Entertainment Corporation of Japanese billionaire Kazuo Okada, through Tiger Resort Leisure and Entertainment Inc., is expecting its investment in the PAGCOR Entertainment to exceed $4 billion even as it scouts the Philippines for other resort projects.
In an interview during the media launch of Okada Manila integrated resort, TRLEI chief operating officer Takahiro Usui said investments could rise to $4 billion once all four phases of the project is completed.
He noted that they are already spending $2.4 billion for the development of the first phase of Okada Manila. “The $2.4 billion is just for the development only, probably if we include everything, phase 1 will be close to $3 billion,” Usui said.
Usui said “the first phase is soft opening this year while the grand opening date will be announced later. Phase 2 would take another year or two. (The project) probably (would comprise) three to four phases.”
Meanwhile TRLEI director Antonio Cojuangco said they are “still looking at other places to develop such as Palawan and maybe Davao. (Okada’s) thinking of places where he can send the guests. To places other than stay in Manila.”
Cojuangco said these future projects will still be under the Okada brand but “it’s not going to be a casino. That’s why I joined him because I am interested in tourism-related projects. I don’t really gamble.”
He said they may start these projects “in the next two to three years.” Cojuangco is the president of All Seasons Hotel and Resort Corporation and had acquired 40 percent of Okada’s property holding company for Entertainment City.
Tiger Resort officially announced Okada Manila as the official property name of the newest and biggest integrated resort in the Entertainment City which is opening in November 2016.
Okada Manila is the third integrated resort to complete the Entertainment City in Parañaque. It will occupy over 44 hectares at the foreshore of Manila Bay.
According to Tiger Resort president Steve Wolstenholme, “Okada Manila has the potential to compete with the entertainment and gaming giants from across the region with its best natural resources– its hospitality and warmth.”
“Here, expect an effortless integration of the Japanese Omotenashi – people’s respectful demeanour, passion for creativity, and hunger for innovation – and the Filipinos’ hard work, hospitality and cheerful spirit, in terms of quality service,” he said.