Regulators in the Philippines have fined Universal Entertainment US$2.2m over delays in completing its Manila casino project.
Universal, which is owned by billionaire Kazuo Okada, is constructing an integrated resort in Manila’s Entertainment City gaming zone through its Philippine subsidiary Tiger Resorts Leisure and Entertainment.
However, the project has encountered numerous obstacles, including serious legal investigations, prompting Tiger executives to publicly express doubts about meeting their original March 2016 opening target, suggesting a late 2016 opening was more likely.
Last October, Philippine gaming regulator PAGCOR warned Tiger that failure to stick to its original timetable could result in forfeiture of its $2.2m guarantee. This February, Tiger asked PAGCOR for a further extension to Q2 2017 to accommodate the project’s design changes.
This request was rejected and Tiger was warned that its provisional casino licence could face suspension as a result of the delay.
