According to local Asian and other media sources, construction of Tiger Resort, Leisure and Entertainment Inc.’s $2 billion Manilla Bay Resorts casino located at Manilla’s Entertainment City, has been formally granted a time extension.
Manilla’s casino regulator, Philippine Amusement and Gaming Corp., or Pagcor’s, board of directors officially approved the Project Implementation Plan extension and issued a December 31, 2016 completion date for Manila Bay Resorts after the original deadline of March 31 this year couldn’t be met. Tiger Resorts forfeited its $2.2 million guarantee as a result of the missed deadline. Pagcor’s vice president for gaming licensing and development, Francis Hernando, told media, “The approval of a new timetable also means that the license is not suspended,” according to a report on GGRAsia.com.
An approximate $750 million commitment and additional $1 billion pending in funding for the Manilla Bay Resorts project was reported by Tiger Resorts back in May, according to the Asian casino industry website. An additional $2.14 million guarantee fee from Tiger Resorts is needed as indicated by Pagcor’s VP, as well as the issuance of a bank guarantee that the project could be sufficiently supported. Hernando further warned that any additional delays in project construction of the 108.7 acre facility could result in new penalties, stating, “It is a material breach of the provisional license so suspension and revocation is possible.”
The resort casino to be located in the Philippine’s capital city is one of four integrated resorts slated to set up shop in Entertainment City. A variety of dining options, fountain, night club, hotel and casino are all part of the multi-million dollar Phase 1 of the Manila Bay Resorts.