The Philippine Amusement and Gaming Corp will penalise Universal Entertainment if it fails to open a $2bn casino resort in Manila Bay next year as planned.
Tiger Resorts Leisure and Entertainment, the local affiliate of Japanese company Universal, said last month it was likely to launch the first phase of the project in 2016, a year later than planned.
Asked if the regulator, PAGCOR, would penalise Tiger for not meeting the deadline, its chairman Cristino Naguiat said Tiger would lose a $2.24m guarantee that all casino operators maintain with the regulator.
“Based on the project implementation plan, they are supposed to finish it by March next year,” Naguiat said. He also said the regulator may take other measures against Tiger.
