Business › Philippines threatens to suspend Japanese tycoon's casino license - Philippine Times
MANILA (AFP) - The Philippines' gambling regulator said on Tuesday it would suspend Japanese tycoon Kazuo Okada's licence to operate a US$1-billion (S$1.3 billion) Manila casino if he fails to explain construction delays.
Regulators confiscated a 100-million-peso (S$3 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.
MANILA (AFP) - The Philippines' gambling regulator said on Tuesday it would suspend Japanese tycoon Kazuo Okada's licence to operate a US$1-billion (S$1.3 billion) Manila casino if he fails to explain construction delays.
Regulators confiscated a 100-million-peso (S$3 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.
