Universal asks PAGCOR for new extension; local partner for Manila Bay Resorts being lined up

Universal Entertainment’s Philippine gaming unit Tiger Resort Leisure and Entertainment has requested an extension of the deadline to complete Manila Bay Resorts

In a letter dated February 15, Tiger Resort told the Philippine Amusement and Gaming Corporation (PAGCOR) that the company plans to increase the gross floor area of the property by 97,000 square meters, explaining that the additional space would be used to add “guest rooms and parking area and would also contribute to the strengthening of the structure and architectural design.”

Officials from both Tiger Resort and PAGCOR appeared before the House Committee on Games and Amusements earlier this week as part of the continuing investigation surrounding bribery charges filed against Okada. But instead of discussing those issues, the hearing mostly discussed the project’s timetable and the new extension requested by the casino operator.

Tiger Resort legal counsel Jose Lis C. Leagogo confirmed to reporters that the group requested for an extension, but PAGCOR, through President and Chief Operating Officer Jorge V. Sarmiento, reiterated its stance that any more delays could cost the company a significant chunk of money. “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,” Sarmiento told reporters after the hearing.