As it looks to complete construction of its $2 billion Manila Bay Resorts multi-phase hotel and casino development by the end of the year, Tiger Resort Leisure And Entertainment has secured a $809.9 million loan from BDO Unibank.
The five-year deal was disclosed via a filing to the Tokyo Stock Exchange from Japan’s Universal Entertainment Corporation, which is the parent of Tiger Resort Leisure And Entertainment, with the funds earmarked to help “partially finance the costs” of completing the Philippines venue by December.
Controlled by pachinko and casino entrepreneur Kazuo Okada, Tiger Resort Leisure And Entertainment received an extension to its construction schedule for the Manila development in September and declared that most exterior work on its hotel towers “has been completed and interior work has started”.
“In addition, construction is proceeding with the glass corridor fountain and framework for the glass dome,” read the filing. “Following its completion in December 2016, Manila Bay Resorts will provide guests with entertainment that ranks among the best in the world.”
Last week saw Universal Entertainment publish its financial results for the twelve months to the end of March showing a 53.9% increase year-on-year in profits to almost $144 million while net sales rose by 4.1% to approximately $837.4 million.