The Philippine gaming regulator said it would extend by one year the deadline for a Universal Entertainment Corp affiliate to finish construction of a $2 billion integrated casino-resort project, Reuters reported.
Tiger Resorts Leisure and Entertainment Inc, the local unit of gaming magnate Kazuo Okada's Universal, had asked for the extension after missing a March 2015 deadline to complete the Manila Bay Resorts project.
The company, which already had its $2.2 million guarantee confiscated by the gaming regulator Philippine Amusement and Gaming Corp, has said it would finish the project by December 2016.
There was no immediate comment from the company on the deadline extension.
Francis Hernando, Pagcor vice president, said Tiger now had to aside a new 100 million pesos ($2.14 million) guarantee fee, improve its corporate governance and submit a bank guarantee that it could financially support the project.
He also warned the company that it could face more penalties should there be any further delays in the 44-hectare integrated casino-resort project.
"It's a material breach of the provisional license so suspension and revocation is possible," Hernando added.
Asia Gaming Brief is a news and intelligence service providing up to date market information for worldwide executives on relevant gaming issues in Asia.
ASIA GAMING BRIEF
PO Box 1139, Macau SAR
Tel: +853 2871 7267
Fax: +853 2871 7264