Tiger Resorts Leisure and Entertainment has lost a $2.2 million guarantee paid to the Philippine gambling regulator and its provisional gaming license is at risk of suspension because of delays in building its integrated resort in Manila.
The company, a unit of Japan’s Universal Corp, had asked the Philippine Gaming and Amusement Corp. for a two-year extension to finish the project, which was originally scheduled for completion in March this year. It said the delays were due to changes in the design of the resort.
However, the regulator refused the request.
"(The fee) was forfeited. Shortly after the (March 31) deadline, we deliberated internally," Francis Hernando, Pagcor vice president told Reuters on the sidelines of a congressional hearing on casino project updates.
Tiger Leisure's provisional gaming license is also in danger of being suspended, Hernando said, as the company has not met the minimum requirement of 50 percent project completion by the March 2015 deadline.
"We've given them a 90-day period to explain why their license should not be suspended. We are in that 90-day period since Apr. 21," Reuters cited Hernando as saying.
Tiger's project manager, Savills, said during Monday's hearing that the project was 56 percent-complete so far.
The resort is one of four in Manila’s gambling hub, Entertainment City. Bloomberry Resorts’ Solaire Casino Resort opened in March 2013, while Melco Crown Entertainment held the gala launch for its City of Dreams Manila in February this year. A third property is being developed by Travellers International Group, a joint venture between Alliance Global and the Genting group.
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