The first phase of the $2.7 billion Manila Bay Resorts development is on track to open by the end of the year with operator Tiger Resorts Leisure And Entertainment confident about the project’s future, despite being the third such gaming facility in Entertainment City.
According to a report from The Star newspaper, Steve Wolstenholme, President for Tiger Resorts Leisure And Entertainment, stated that Manila Bay Resorts will open in December as scheduled with the firm also considering a subsequent public listing depending on need and market opportunities.
“The investment is on time,” said Wolstenholme. “We will open our first phase, which is a $2.7-billion [facility], at the end of this year. It will be something that is quite spectacular and the most significant investment that is happening in The Philippines.”
Speaking at the Asia Real Estate Summit 2016 in Manila, Wolstenholme declared that the new 108-acre Philippines venue would appeal to Chinese visitors while he additionally hopes to lure tourists from neighboring nations such as Indonesia, Malaysia and India.
“We will change the face in the way how tourism is perceived here but also will change how the face of entertainment is perceived here,” said Wolstenholme. “We are also extremely bullish about the prospects of the country moving forward.”
The first phase of Manila Bay Resorts, which is one of four casinos being planned for Entertainment City, will include a 1,000-room hotel along with 500 gaming tables and 3,000 slots while there is also set to be over 861,000 sq ft of retail space, a dancing water fountain and a nightclub.
Tiger Resorts Leisure And Entertainment is owned by Japan’s Universal Entertainment Corporation and recently received a five-year loan of $809.9 million from BDO Unibank to help finance the costs of the Manila project.