Okada Manila casino resort will be the recipient of money raised from two exercises for disposal of treasury shares, according to an announcement by Universal Entertainment Corp (6425:Tokyo) on Thursday.
In a filing to the Tokyo Stock Exchange, the company controlled by Japanese businessman Kazuo Okada said that its board had approved the disposal of its treasury shares in the amount of 5.5 million through an international offering outside of Japan. Also approved by Universal Entertainment Corp’s board was the third-party allotment of stock acquisition rights to Deutsche Bank AG, according to GGRAsia.
In total, more than JPY23 billion (US$199 million) is expected to be generated for the Japan-based company that is primarily engaged in the development, manufacture, and sale of pachi-slot and pachinko gaming machines.
According to the press release, subsidiary and Okada Manila operator, Tiger Resort, Leisure and Entertainment Inc. would be earmarked for the net proceeds of the two exercises. The funds would be used by Tiger Resort for “working capital necessary for carrying out its stable business operation at Okada Manila, personnel costs for increasing [the number of] employees, and proactive marketing activity for attracting high value customers and expanding overseas bases,” as stated by the company in the filing.
Located at Pagcor’s Entertainment City in Parañaque, Philippines, Okada Manila had a soft opening on December 21, and the US$2.4-billion casino resort officially launched its gaming operations on December 30. While a date for an official opening has yet to be announced, a recent press release by Okada Manila detailed the grand opening will be targeted for late this month.
Situated just three kilometers from the Ninoy Aquino International Airport, Okada Manila includes a Y-shaped hotel consisting of two 15-story hotel towers with 993 luxury suites and villas, more than 21 dining options, and a casino gaming floor which features more than 3,000 electronic games and 500 tables with 70 live tables.
The latest addition to the largest integrated casino resort in the Philippines, a 94-seat Stadium from Interblock offers baccarat, roulette, and sic bo, by way of three dealer-assisted generators each complete with 27-inch high-definition displays.