Billionaires John Gokongwei and Kazuo Okada to build Manila casino

Philippine billionaire John Gokongwei will become a partner of Japanese pachinko magnate Kazuo Okada to build a billion-dollar casino in Manila amid efforts by the Southeast Asian nation to bring in more tourists.

Robinsons Land, controlled by Gokongwei, signed a preliminary agreement with Okada's Universal Entertainment Group for the project, the Manila-based developer and Tokyo-based Universal said in separate statements yesterday. They didn't provide the cost or any financial details.

However, Okada holds one of four licences handed out by the Philippine gaming regulator (Pagcor) to build casinos worth at least US$1 billion each at the Entertainment City complex on Manila Bay.

The Philippine government wants to build a gaming hub in Manila. The Philippines can surpass Las Vegas and "challenge" Macau and Singapore in gaming revenues in the next five years with the opening of the four Entertainment City casinos, according to the Manila-unit of property consultant CBRE Group.

Okada and Gokongwei's venture will compete with partnerships between Philippine billionaire Andrew Tan and Genting Hong Kong; a venture of Philippine billionaire Henry Sy and Melco Crown Entertainment; and Bloomberry Resorts, controlled by port magnate Enrique Razon. Razon's casino will be the first to open, in March next year.

The Okada project was roiled in controversy earlier this year when the Japanese businessman was sued in the United States by American partner Steve Wynn in a case involving their casino businesses in Las Vegas and Macau.

Philippine President Benigno Aquino in February ordered an inquiry into Wynn's allegations Okada's men gave illegal gifts to top Pagcor officials amid the Japanese man's pursuit of his Manila casino licence.