By Jenniffer
B. Austria | Posted on Dec. 21, 2012 at 12:01am |
Robinsons
Land Corp. and the Okada Group’s Tiger Resort Leisure and Entertainment Inc.
plan to open their $1-billion integrated entertainment and gaming complex in
Parañaque City by late 2014.
Robinsons
Land general manager Henry Yap said in a media briefing the 44-hectare Manila
Bay Resorts would have three hotels with 2,000 rooms. The consortium will build
two luxury hotels and one budget hotel.
Yap said the
gaming component of the project would cover 30,000 square meters offering 3,000
slot machines and 500 gaming tables.
He said for
the retail development, Manila Bay Resorts would contain a shopping mall, a
trade hall, luxury retail stores and restaurants.
The casino
complex will have a water fountain as one of its major attractions as well as
residential towers, he added.
Robinsons
Land expects the landmark project to draw interest from local and foreign
visitors, especially from Asia-Pacific. The project is also expected to
generate more than 5,000 jobs.
Robinsons
Land signed a deal with Universal Entertainment Corp. of Japanese pachinko
magnate Kazuo Okada to develop Manila Bay Resorts last week.
Robinsons
Land, under the agreement, will purchase a majority stake in an Eagle I Land
Holdings Inc., a company that owns 30 hectares of land located within the
casino project.
Robinsons
Land will also subscribe to a minority stake in Tiger Resorts, Leisure and
Entertainment Inc., the company that was awarded provisional license to own,
develop and manage an integrated mixed-use, resort, and gaming development
within the Philippine Amusement and Gaming Corp.’s Entertainment City in
Parañaque.
The agreement
is subject to comprehensive due diligence, with definitive agreements expected
to be signed by Jan. 31, 2013.
Okada’s Tiger
Resort is one of the four groups given a license to operate a casino in
Pagcor’s Entertainment City.
The three
others are Travellers International Holdings Inc., a joint venture between
Alliance Global Group Inc. and Genting Hong Kong; Bloomberry Resorts Corp. of
businessman Enrique Razon Jr.; and Premium Leisure and Amusement Inc. of Sy-led
Belle Corp.
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