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Under the partnership between the two companies, Sun City will open its operations at Okada Manila Casino Resort by the end of the year, announced by the Asian private equity fund of global financial services firm Morgan Stanley.
This Sunday, Morgan Stanley, analysts Alex Pune and Pravin Choudry said in a market report that Okada Manila had accelerated the completion of its casino project in partnership with its first Junkit partner of the year in the third quarter. In the fourth quarter, more Junket operators, including the giant SunCity Group, are expected to enter into partnership with Okada Manila. Note here that Suncity is often referred to as one of the biggest investors in the Junket market with the aim of attracting high-end VIP players, Suncity is referred to as one of the largest investors in the Junket market with the aim of attracting high-end VIP players.
Financial services firm Morgan Stanley added that Okada Manila's current hotel room capacity cannot compete with City of Dreams Manila and Solaire, as it offers only 120 hotel rooms and 90% of them are free. Free rooms are available to high roller or regular casino customers as part of a promotional campaign. Nevertheless, the casino complex is expected to accommodate up to 493 hotel rooms in early 2018, and finding local partners is essential to the completion of the project.
Additional Information on Okada Manila
Philippine-based Tiger Resort, Leisure and Entertainment Inc., known to be responsible for the development and operation of the resort, originally promoted Okada Manila as Manila Bay Resort in 2016 when the entertainment complex under construction was rebranded under its current name. The 44-hectare entertainment complex is believed to be owned by Kazuo Okada, a Japanese businessman who invested about $2 billion in casino resorts. Okada Manila is part of Manila Entertainment City, a casino-only special zone, which includes a total of four casino resorts. The game and entertainment complex, being developed by local gambling authority Philippine Play and Game Company (PAGCOR), aims to boost the country's tourism industry and attract the attention of high-end players in the Asia-Pacific region.
According to the initial plan, Okada Manila was scheduled to open in 2015. A number of obstacles, including the difficulty of finding partners for casino ventures, have significantly delayed the project. The casino operator has requested an extension of the deadline from the local gambling regulator, PAGCOR, and the request has been approved. As a result, the project entered the final stage almost three years later.
Friday, February 9, 2024