Mere hours ago, the media agency GGRAsia reported that the Macau-based junket operator Suncity Group is to further expand its reputation among players by signing with Okada Manila casino and resort. Under the partnership between the 2 companies, Suncity is to open operations at the Okada Manila casino resort by the end of the year. The information was revealed by Morgan Stanley’s Asian private equity arm, a leading global financial services company.
In a market report, submitted this Sunday, Morgan Stanley, analysts Alex Poon and Praveen Choudhary revealed that Okada Manila joined forces with its first junket partner in Q3 of the year, which sped up the finalization of the casino project. It is expected that in Q4 more junket operators will sign up with Okada Manila for collaboration, including the giant Suncity Group. Here it is important to note that Suncity is often referred to as one of the largest investors on the junket market, aiming to attract high-end VIP players.
The financial services company Morgan Stanley added that Okada Manila’s hotel room capacity currently cannot compete with City of Dreams Manila and Solaire, as the Okada Manila offers only 120 hotel rooms, 90% out of which are free of charge. The free rooms are given to high-rollers or regular casino customers as part of a promotional campaign. Nevertheless, the casino complex is expected to increase its accommodation capacity up to 493 hotel rooms in the beginning of 2018 and finding local partners is, by all means, crucial for the project completion.
Additional Information about Okada Manila
The Philippine-based company Tiger Resort, Leisure and Entertainment Inc., known to be in charge of the resort’s development and operations originally promoted Okada Manila as Manila Bay Resorts, when in 2016 the entertaining complex under construction was rebranded into its current name. The 44-hectare entertaining complex is known to be owned by the Japanese businessman Kazuo Okada, who invested around $2 billion in the casino resort. Okada Manila is part of Manila Entertainment City, a special casino-dedicated zone, which is to feature 4 casino resorts in total. The gaming and entertainment complex under development by the local gambling authorities Philippine Amusement and Gaming Corporation (PAGCOR) aims to boost the country’s tourism industry and to attract the attention of high-end players from the Asia-Pacific region.
According to the initial plan, Okada Manila was scheduled to open its doors in 2015. Due to a number of obstacles, including hardships with finding a partner for the casino venture, delayed the project significantly. The casino operator asked the local gambling regulator PAGCOR for a deadline extension, and the request was approved. Consequently, the project is nearing its finalization almost 3 years later.
Currently, Solaire Resort and Casino and City of Dreams Manila are already operating, and Okada Manila is to be the 3rd resort in the multi-billion Entertainment City project. The 4th casino, which is to be part of the casino cluster is Resorts World Bayshore, but the project is scheduled to be completed somewhere in 2018.