Eagle I have announced the cancellation of a 6.1-hectare portion of land in favour of a 9.4-hectare area that includes and surrounds it. Situated very close to the appropriately named Okada Manila casino resort, in the Philippine capital of Manila. Eagle I’s parent company, Universal Entertainment Corp have announced plans to extensively develop the area.
The situation that led to these developments began with Tiger Resort, Leisure and Entertainment Inc, who are a subsidiary and promoter of the Okada Manila, cancelling a sizeable portion of their land lease to an alternative lease or an offloading of the land as a whole. An action that almost came to fruition in March 2021 when Universal Entertainment terminated a deal to sell that plot of land.
The Japanese conglomerate has long aspired to develop infrastructure with or related to the Okada Manila and were, at one point in time, looking for third parties to collaborate and attract the attention of major brand hotels, enticing them into the Philippine market.
Universal have projected a nearly double return this year on their net income following the termination of the land lease, with cost savings associated with several factors that have disappeared following these actions.
This story comes amid much speculation and accusation against the Universal Entertainment group’s various subsidiaries and affiliates who will have to defend from legal action from US based special purpose acquisition company (SPAC) – 26 Capital. These accusations are of “not honouring contractual obligations” regarding a deal attempting to merge with the US operator of the Okada Manila to list them on the NASDAQ as a publicly traded company.
Space either physically or within the gambling market is a hot commodity in the Philippines, which has of late undergone a revitalisation in this sector. With the scalable market growing year on year after the not so insignificant economic setback of the Covid-19 pandemic. Generating 3.3 billion dollars in 2017, the market has decreased since then, but it shows there is an appetite for the industry. As of late the net revenue from the sector is looking extremely healthy sometimes doubling quarter on quarter. Moves such as the intent to develop hubs for casinos and other gambling services will only improve the confidence foreign investment has in the market and mitigate the risk associated with the market.
With all these opportunities, dynamic industry and scalable innovation occurring, what better place for SiGMA Asia to be headed in July than the brilliantly vibrant Philippine capital. The summit promise incredible industry insights and a plethora of premium networking possibilities.