AGCOR Vice President for Gaming and Licensing Development, Francis Hernando, confirmed the deadline to open the resort has been pushed back on December 31, 2016.
Tiger Resorts Leisure and Entertainment, the local unit of Universal Entertainment, requested the extension after missing its March 2015 completion date. The Company had encountered difficulties finding a local partner to meet Philippine requirements on foreign land ownership and had its initial 100 million pesos (US$2.2m) guarantee confiscated.
Francis Hernando said Tiger had to aside a new 100 million pesos guarantee fee, improve its corporate governance and submit a bank guarantee for the project. He also warned the company could face more penalties if there are any further delays. “It’s a material breach of the provisional license,” said the PAGCOR VP, “so suspension and revocation is possible.”
The company teamed up with All Seasons Hotel and Resort Corp. in May and ended the license’s search for a local partner to partly resolve the land ownership issues. All Seasons acquired a 40pc stake in Eagle Land II Holdings, an affiliate of Universal Entertainment, and indirectly giving it a 24pc share in the 40-hectare Manila resort.
Manila Bay Resorts will feature two hotel towers with 500 rooms each and a 30,000 sqft casino that houses 3,000 slot machines and 500 table games. It will also include convention and meeting facilties, 25 food and beverage outlets, 7,500 sqm of retail space, a nightclub and a beach club.
Tiger Resorts will become the third operator licensed in the Philippines to open an integrated resorts, following Bloomberry’s Solaire Resort and City of Dreams Manila, a joint venture between Philippine billionaire Henry Sy and Melco Crown Entertainment. Westwide City Resorts World and the Genting group are scheduled to open facilities in 2018.