Kazuo Okada, billionaire and Japan’s “Pachinko King,” is in talks with the Philippines’ Taipan John Gokongwei Jr. to build a new Las Vegas-style casino in a new $5 billion recreation city near Manila Bay. Okada’s Tiger Resorts is one of four groups who have been given a license to operate a $2 billion casino in the new Entertainment City. Gokongwei’s property company, Robinson Land Corp., has spoken to Okada and is offering to run the gambling and retail operations.
Ground has already been broken on Okada’s casino, in January of this year. With an opening planed for sometime in the first half of 2014, the casino resort is said to have more than 2,000 rooms spread across three hotels. Gokongwei’s group is reported to have already beaten several local businesses to the discussion table with Okada.
Okada’s new development has caused some tension between he and Steve Wynn, his American business partner for casinos in Las Vegas and Macau. Wynn feels that Okada’s participation in the development of Entertainment City is in direct competition to the casino in Macau, and has accused Okada of bribing the Philippine gaming regulators with cash and gifts. Despite the turmoil, Okada feels that the world’s gambling industry will be moving away from Las Vegas in the coming years, and relocating to Asia. He says that the Philippines have a chance to be vital location in that shift, and he wants to use the opportunity to build the greatest casino in the world.
[Via Asia News Net]
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