Okada’s project on track for 2016 opening in the Philippines
The president of Tiger Resort affirmed the project is on track to open at Entertainment City by the end of the year.
The Philippines.- Tiger Resort Leisure and Entertainment, Incorporated of Japanese billionaire Kazuo Okada is on track to open its US$2.7-billion integrated entertainment and gaming centre at the government-sponsored Entertainment City by the end of 2016.
“The investment is on time. We will open our first phase which is a US$2.7-billion [facility] at the end of this year. It will be something that is quite spectacular and the most significant investment that is happening in the Philippines,” said Steve Wolstenholme, Tiger Resort president. “We will change the face in the way how tourism is perceived here but also will change how the face of entertainment is perceived here. We are also extremely bullish about the prospects of the country moving forward.”
Phase 1 of the project includes 1,000 luxurious hotels room, 500 gaming tables and 3,000 slot machines, 80,000 square meters of retail space, a beach club and night club, an iconic dome, and a dancing water fountain. This initial phase will cover 25 hectares out of the 44 hectares owned by Tiger Resort.
Regarding gaming, Wolstenholme commented that the company sees China as one of the main markets. However, it hopes the development will also lure tourists from neighbouring countries like Indonesia, Malaysia and India.
“Right now, if you look at Macau, it is probably 90:10 and in Las Vegas, it is probably 70:30 in terms non-gaming. We expect our revenue base to be slightly closer to Macau in the initial stages but will evolve more to a Las Vegas one,” Wolstenholme explained.
During operations’ initial stage, Wolstenholme expects a significant portion of the company’s revenues to come from the gaming business. He also expects non-gaming business to contribute to revenues moving forward.
