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Manila Bulletin devider Business devider The Stock Market devider Okada Manila sees better 2024, seeks expansion opportunities

Okada Manila sees better 2024, seeks expansion opportunities

Published Dec 17, 2023 08:22 pm

Okada Manila is expecting 2024 to be a better year for the integrated resort and casino on expectation that tourism will be normalized after the Covid crisis is almost over.

In an interview, Okada Manila Chief Managing Officer Kenji Sugiyama said, “we still see more opportunity after Covid and the potential when tourism and everything is normalized.”

okada manila kenji sugiyama.jpg
Okada Manila Chief Managing Director Kenji Sugiyama

He added that, after operating its property in Entertainment City for seven years, Okada Manila is looking for another opportunity to expand its business and the potential acquisition of the Mactan property of Dennis A. Uy’s PH Resorts (PHR) Group Holdings Inc. could fit into the firm’s next expansion plan.

Japanese gaming firm Universal Entertainment Corporation; through Philippine subsidiary Tiger Resort Leisure & Entertainment, Inc. (TRLEI), the owner and operator of the Okada Manila integrated casino, hotel, and entertainment complex; is currently doing its due diligence for the potential acquisition of Uy's partially-developed Emerald Bay Resort in Cebu.

TRLEI said it has entered into an exclusive partnership with Lapulapu Leisure Inc. (LLI) and Lapulapu Land Corp. (LLC), the operating subsidiaries of PH Resorts.

“This new venture is aligned with our strategy to increase our footprint in the Philippines, given our remarkable success with Okada Manila,” said TRLEI President and Chief Operating Officer Byron Yip. 

He added that, “we are excited to bring our signature level of hospitality and service excellence to a new and discerning market.”

The resort project on Mactan Island is planned to be an integrated resort with a five-star hotel adjacent to 300 meters of beachfront, with two 15-storey towers accommodating 642 rooms, four pools, 18 food and beverage outlets, retail spaces.

It will also have conference and exhibition facilities as well as a large-scale gaming floor with more than 700 electronic gaming machines and more than 140 tables. 

Yip said the shared vision of TRLEI and PHR is to build an “iconic, luxurious five-star integrated resort in Cebu, that will be the premier entertainment destination in the Philippines outside of Entertainment City.”

The Okada Manila owners executed an agreement with PHR’s operating subsidiaries to acquire a majority ownership of of LLI and LLC, subject to various conditions, allowing them to take over the development of the Emerald Bay Resort. 

The conditions include among others, the execution of a definitive agreement and the approval from the relevant governmental authorities, if any. 

PHR Chairman Dennis A. Uy said, “in PHR’s partnership with Okada Manila, we hope to turn Emerald Bay Resort into a symbol for, and a catalyst of, the development of Cebu as the center of the Visayan tourism market in the Philippines.”

The terms and conditions of the transaction will be further disclosed once the parties have executed the definitive agreements, which is targeted to finish by July 2024, unless otherwise extended. 
 

Related Tags

Kenji Sugiyama Dennis A. Uy Okada Manila PH Resorts Group Holdings Inc. Tiger Resorts Leisure and Entertainment Inc. Universal Entertainment Corporation
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