Suncity Group to start Okada Manila business in Q4
According to a report published by the banking group Morgan Stanley, the Macau-listed casino operator Suncity Group will launch operations at the Okada Manila casino resort before the end of the year.
Currently, Okada Manila is being promoted by Tiger Resort, Leisure and Entertainment Inc, firm which was founded and formerly directed by Japanese businessman Kazuo Okada until he was accused of corruption. However, Morgan Stanley analysts Alex Poon and Praveen Choudhary said that the addition of junket partners this year boosted its finances and added that “more [partners] are to join in the fourth quarter 2017, including Suncity.
“Hotel rooms remain a constraint with only approximately 120 operational and 90% of them are comped (versus 50% for City of Dreams Manila and Solaire), but more rooms will progressively open and [the tally will] reach 493 in the first quarter 2018.”
Additionally, US private-sector casino operators in the Philippines are benefiting considerably from the close relationship between the country’s President Rodrigo Duterte and the government of China.
“Chinese visitor arrivals grew by 33% year-on-year in the first half 2017. In August 17, the Philippines government granted visas on arrival to Chinese visitors and we think this will eventually extend to all Chinese visitors,” read the Morgan Stanley report.
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