Japanese billionaire Kazuo Okada is interested in developing resorts and golf courses in the Philippines aside from investing $2.4 billion in an integrated hotel and casino complex.
Businessman Antonio Cojuangco said in an interview with reporters he would team up with Okada in his plan to develop other resorts within the country. Cojuangco is Okada’s joint venture partner in developing the 44-hectare Okada Manila, the newest and biggest integrated resort development that will open within Pagcor Entertainment City.
Cojuangco spoke at the sidelines of the launching of Okada Manila as the official property name of the casino project.
He said Okada was initially looking at Palawan as possible site for the resort development, as well as Davao.
“Mr. Okada wants total entertainment package for the whole family. So aside from hotel and its features, he is also going to be developing resorts in islands, golf courses in the country,” Cojuangco said.
“That is why I joined him because I’m interested in tourism-related projects. I don’t really gamble,” he said.
Despite an expected oversupply of gaming facilities in the country, Cojuangco said the group was optimistic of recovering its $2.4-billion investments in two years.
Cojuangco said the company was also considering listing the casino venture withing two years.
Tiger Resorts Leisure and Entertainment Inc. chief operating office Takahiro Usui said Okada had so much confidence in the Philippines.
“The most important thing in this industry is hospitality and that what our chairman believes in and that is what we believe also. Why he chose this property is because of that. He believes and we believe hospitality in the Philippines is the most important thing and most successfully industry in the Philippine and we want to contribute to the Philippines through this industry,” Usui said.
Okada Manila, which is slated to open before the end of 2016, will be the third integrated resort casino that will open in Entertainment City after Bloomberry Resort’s Solaire Resort & Casino and Melco Crown’s City of Dreams.
Okada Manila’s the gaming facility will be spread across 25,000 square meters of floor area and will house 500 tables and over 3,000 electronic gaming machines.
It also boasts of a Y-shaped hotel that will house 993 hotel rooms that will have the view of Manila Bay and the resort’s dancing fountain.
The complex will highlight a 90,000 square feet of entertainment venue, which is enclosed in a glass dome and features 33 cabanas and bungalows equipped with amenities.
“Okada Manila has the potential to compete with the entertainment and gaming giants across the region with its best natural resources—its hospitality and warmth,” Tiger Resorts president Steve Wolstenholme said.
