There are a number of mega casinos currently under construction in the Philippines and one of those casinos is being built by Tiger Resort, Leisure and Entertainment, Inc which is owned by Kazuo Okada, the Japanese casino tycoon. The casino project was initially scheduled to be completed in 2013 but developers asked for an extension with a new deadline set for 31st March 2015.
Since Tiger Resort was unable to meet this deadline, the company sent in a letter on the 15th of Feb to Philippine Amusement and Gaming Corp. (PAGCOR) and requested another extension based on the fact that Tiger Resort was expanding its project and increasing the total floor area of its Manila Bay Resorts by 97,000 square meters.
In a Feb. 15 letter to gaming regulator Philippine Amusement and Gaming Corp. (PAGCOR), Mr. Okada’s Tiger Resort, Leisure and Entertainment, Inc. requested for an extension of the deadline of the project completion, saying that the company plans to increase the gross floor area of Manila Bay Resorts — the casino it is building along Manila Bay — by 97,000 square meters.
Officials from PAGCOR were in favor of granting another extension to Tiger Resort as the new extension would provide a number of additional rooms in the resort and extensive parking space. However the House Committee on Games and Amusements in the Philippines called for a joint meeting with senior officials from both Tiger Resorts and PAGCOR as they were not happy with the flouting of deadlines and wanted to conduct a probe into Tiger Resorts violation of stipulated deadlines and Philippine laws.
In a statement, Jorge V. Sarmiento, the PAGCOR President and Chief Operating Officer stated that “The immediate effect is if they (Okada group) failed to finish by March 31, 2015, it would mean forfeiture of the P100 million bond they submitted to us.”