Philippines threatens to suspend Japanese tycoon’s casino licence

The Philippines’ gambling regulator said Tuesday it would suspend Japanese tycoon Kazuo Okada’s licence to operate a US$1 billion Manila casino if he fails to explain construction delays.

Regulators confiscated a 100-million-peso (US$2.2-million) assurance bond from Tiger Resorts Leisure and Entertainment and gave the company until mid-July to justify an extension to its timetable, said Francis Hernando, vice president of the state-run Philippine Amusement and Gaming Corporation.

The decision means that even if Tiger finishes construction, it will be unable to reclaim the 100 million pesos.

Tiger, an affiliate of Tokyo-based Universal Entertainment, had missed two deadlines to complete its casino resort – first in December 2013 and then in March this year, Hernando told AFP.

“They requested for more time to finish the project. We gave them 90 days to explain why the licence should not be suspended because of the delays,” he said.

Tiger said it wanted to delay the opening of its casino to the first quarter of 2017, according to Hernando, with the company now hoping to build a bigger resort complex than originally planned.

Should Tiger be granted another extension, it would have to lodge a new 100-million-peso bond, he added.