In a recent filing with JASDAQ Securities Exchange, Universal Entertainment Corp (6425:Tokyo) said sales at the Okada Manila casino resort “are currently expanding on a daily basis,” according to the GGRAsia report.
Details regarding growth rates or sales volume for the casino resort and hotel complex located at Pagcor’s Entertainment City in Parañaque, were not provided by the company controlled by Japanese businessman Kazuo Okada. The firm did, however, reportedly indicate that earnings of the recently opened $2.4 billion property would be included in its quarterly reporting period that begins on the 1st of April.
In reference to Okada Manila, in the filing published on Tuesday Universal Entertainment reportedly said, “Since the company consolidates its overseas subsidiaries with a quarterly lag, it will be fully reflected in the consolidated earnings from the next period.”
Tiger Resort, Leisure and Entertainment Inc. is a subsidiary of Universal Entertainment Inc. and the developer of Okada Manila, which opened with a provisional license for a three-day preview event on December 21. The so-called “preview period” included gaming and catering but excluded the hotel and restaurants. The December opening allowed Okada Manila to materially comply with an earlier Pagcor-imposed deadline after Tiger Resort missed a March 2016 deadline that resulted in the forfeiture of a $2.2 million deposit.
On December 28, the Philippines gaming resort announced that casino operations would officially launch at 7pm on December 30th. While a date for an official opening has yet to be announced, Okada Manila’s social media websites state that they will announce as each property amenity becomes available ahead of a planned Grand Opening anticipated for February or March sometime.
Located 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.