PAGCOR has seized a $2.2 million payment from Japan’s Universal Entertainment Corp. partner, Tiger Resorts Leisure and Entertainment Inc.
Online gambling news in Japan report that the Philippine Amusement and Gaming Corporation (PAGCOR) has seized $2.2 million in guarantee money form Tiger Resorts Leisure and Entertainment Inc. Tiger was supposed to be ready with 50% of the project by 2015.
PAGCOR has also threatened to revoke the Kazuo Okada-controlled Japanese company’s license, which would mean that there would be a delay in the completion of its luxury casino and resort plan in Manila. The first part of the strategy was supposed to take place in 2016.
Tiger did not comment on the PAGCOR sanction
Tiger Resorts were supposed to finish a part of the project by March 31, 2015, but since they did not succeed, the guarantee fee has been confiscated. Francis Hernando, vice president of PAGCOR, said that the guarantee fee “was forfeited.” Tiger asked for PAGCOR to push the deadline to 2017, but was refused.
On the lines of Philippine gambling laws, the provisional gaming license of Tiger is also at risk. The Japanese company was given 90 days to come up with an explanation to why they were unable to complete the project. Tiger’s project manager, Savills, insisted that the plan was 56% complete.