MANILA, Philippines - Japanese gaming
firm Universal Entertainment Corp., led by its chairman Kazuo Okada, yesterday
said that it is proceeding with its planned $2-billion casino project at the
Pagcor Entertainment City.
In a briefing with a select group of
newsmen, Okada, speaking through an interpreter, assured that despite an
ongoing legal dispute with his former Wynn Resorts partner Steve Wynn in the
US, Universal Entertainment Corp. is proceeding with its planned $2-billion
casino project (including the land) at the Pagcor Entertainment City.
In fact, Okada revealed, Universal
Entertainment has set aside ¥50 billion or $470 million as cashflow for the
casino project which is scheduled to be completed and operational by 2014.
The casino project, tentatively called
the Manila Bay Resort project, currently has a provisional gaming license from
the Philippine Amusement and Gaming Corp. (Pagcor).
Approval of the final gaming license
is expected once the facilities are completed.
Aside from the casino project, Okada
also revealed plans to invest in the manufacture of various casino/gaming
machinery and gaming software.
He said Universal Entertainment has
already put up local manufacturing facilities in Laguna.
The local manufacturing subsidiary
currently called Aruze Gaming America Corp. ( but whose corporate name will be
changed) was set up in 2009 with an initial investment of ¥20 billion or $270
million.
Its plant in Laguna currently
manufactures parts of slot machines.
Okada revealed that they plan to
invest in more metal press and plastic molding machineries. They have also
bought another property in Batangas where they plan to expand manufacturing
operations in the future.
According to Okada, the planned casino
project is envisioned to provide jobs for up to 16,000 workers.
The planned casino project, Okada
stressed, is envisioned to be a unique, world-class entertainment resort that
would attract and primarily cater to a global foreign market and would be “good
for the Philippine economy” because of the jobs and services that would be
created.
Okada said his decision to invest in
the Philippines is based on his belief that while the US, particularly Las
Vegas, continues to be the No. 1 destination for gambling, the trend is now
shifting to Asia.
In fact, Okada predicts that Asia will
become “very important and the center of the casino industry in the near
future.”
Okada expressed his disappointment
over his current dispute with Steve Wynn, noting that his former American
partner “looks down” on gambling practices in Asia.
Okada and Steve Wynn are currently in
a dispute over Okada’s shares in Wynn Resorts in the US.
That dispute has led to a series of
reports locally that appeared to cast some questions about Okada’s reputation
and his dealings with Pagcor officials.
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