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Okada investing another $700m

Tiger Resort Leisure and Entertainment Inc. of Japanese billionaire Kazuo Okada is investing an additional $700 million (P31 billion) to develop a $2-billion integrated resort and casino project in Parañaque City.

Tiger Resort said in a statement it would make additional investments, after state-owned Philippine Amusement and Gaming Corp. agreed to extend the deadline for the company to complete the planned casino project called Manila Bay Resorts.

Manila Bay Resorts is now scheduled to open in 2016 from original completion date of  2015.

“The extension was granted given the increased scope and scale of the development, which promises to be the ‘jewel in the crown’ of Entertainment City. The expansions in the design and scope of the project called for an increase in investment, requiring an additional $700 million,” Tiger Resort said.

The improvements under the updated project implementation plan, include an additional 97,000 square meters of gross floor area, covering two hotel towers with a sky bridge. 

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