RLC-Okada gaming venture seen completed in late 2014

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Category: Companies

Published on Thursday, 20 December 2012 19:17

Written by Miguel R. Camus / Reporter

A CASINO joint venture being developed by Japanese national Kazuo Okada and businessman John Gokongwei Jr. in Entertainment City Manila is on track to be completed by late 2014, an official of Gokongwei-led Robinsons Land Corp. (RLC) said on Thursday.

In a briefing with reporters, RLC General Manager for office buildings division Henry Yap also gave new details on the project, called The Manila Bay Resorts, which will have about 30,000 square meters of gaming space, with 500 tables and 3,000 slot machines.

Yap said the development will feature three hotels, including a budget brand, with a total of 2,000 rooms and will have a “Las Vegas-style” water fountain as one of its key attractions.

“This much-awaited project is expected to draw interest from local and foreign visitors, particularly those from around Asia Pacific. The project is also expected to generate employment for over 5,000 people, with multiplier effect of over 10,000 people,” RLC said in a statement.

RLC disclosed last week it is taking a minority stake in the casino operator and developer, Tiger Resort Leisure and Entertainment Inc., a unit of Okada-led Universal Entertainment, after signing a memorandum of understanding with the latter. The final agreement is expected to be concluded by the end of January next year, Universal Entertainment said in a previous statement.

Based on the timing, The Manila Bay Resorts will be the third project to open within the 120-hectare Entertainment City complex after Bloomberry Resorts Corp.’s Solaire project, which opens in the first quarter next year, and Belle Corp.’s Belle Grande, which opens in the first half of 2014. The fourth project, Resorts World Bayshore, a joint venture between Andrew Tan-led Alliance Global Group Inc. and Malaysia’s Genting Group, will open in 2016.

Based on a December 12 disclosure, RLC said it will acquire a majority stake in a company which owns 30 hectares of land within the 44-hectare project. RLC will also develop residential and commercial facilities within the site.

It was not immediately certain how the transaction will affect earlier disclosed talks between Okada and another Andrew Tan-controlled, Empire East Land Holdings Inc., for a residential condominium project also within the site.

RLC is a subsidiary of JG Summit Holdings Inc., which has interests in property development, food and beverage manufacturing, airlines, telecommunications and petrochemicals.