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September 26, 2021

Tiger Resorts Leisure and Entertainment had missed March 2015 deadline

Philippine regulator extends deadline for Universal USD 2B casino project

Philippine regulator extends deadline for Universal USD 2B casino project
The Philippine gaming regulator said it would extend by one year the deadline for a Universal Entertainment Corp affiliate to finish construction of a USD 2B integrated casino-resort project.
Philippines | 09/16/2015

The Philippine gaming regulator said it would extend by one year the deadline for a Universal Entertainment Corp affiliate to finish construction of a USD 2B integrated casino-resort project.

T

iger Resorts Leisure and Entertainment Inc, the local unit of gaming magnate Kazuo Okada's Universal, had asked for the extension after missing a March 2015 deadline to complete the Manila Bay Resorts project.

The company, which already had its $2.2 million guarantee confiscated by the gaming regulator Philippine Amusement and Gaming Corp (Pagcor), has said it would finish the project by December 2016. There was no immediate comment from the company on the deadline extension.

Francis Hernando, Pagcor vice president, said Tiger now had to aside a new 100 million pesos ($2.14 million) guarantee fee, improve its corporate governance and submit a bank guarantee that it could financially support the project.

He also warned the company that it could face more penalties should there be any further delays in the 44-hectare (108.7-acre) integrated casino-resort project. "It's a material breach of the provisional license so suspension and revocation is possible," Hernando added.

Tiger holds one of four licenses to operate a casino complex in Entertainment City, the Philippines' much smaller version of the Las Vegas gaming strip. ($1 = 46.7150 Philippine pesos) (Reporting by Neil Jerome Morales in MANILA and Emi Emoto in TOKYO; Editing by Miral Fahmy).

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