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Philippines threatens to suspend Japanese tycoon's casino license

Beast

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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.
 
I'm sure we will resolve this in a timely manner.

Maramming na maraming salamat, ang mga amigong Pilipino ! Sa lahat na na lahat !

Mabuhay ang Kuperasyon sa Japon at Pilipinas !


:)
 
I'm sure we will resolve this in a timely manner.

Maramming na maraming salamat, ang mga amigong Pilipino ! Sa lahat na na lahat !

Mabuhay ang Kuperasyon sa Japon at Pilipinas !


:)

This is just the tip of the iceberg, which is why the 60/40 Economic Restriction in our constitution must be axed or the restrictions must be loosen.
 
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