Japanese Billionaire Plans to Transform Philippines into “The Next Hawaii”

Kazuo Okada. Photo: Japan Daily Press

Okada to transform the Philippines into ‘the next Hawaii’

Billionaire Kazuo Okada, whose net worth stands at $2.4 billion currently, intends to transform the Philippines (EPHE) (PIE) into “the next Hawaii.” The country’s appealing beaches and its plan to become a major leisure and entertainment (BJK) (PEJ) hub in competition with the likes of Macau and Singapore stand in support of Okada’s intentions. The Japanese tycoon believes that the country can become a money-spinning tourist destination as more and more Chinese citizens visit its shores.

The $2.4 billion Okada Manila Resort, Philippines

Okada, Chairman of the Tokyo exchange traded Universal Entertainment Corp. (TYO: 6425), who recently opened a casino resort in Manila, believes that Philippine gaming market could ultimately surpass Singapore. “Our initial target is to have 30% of the guests from the international segment, but we would eventually like to bring that up to 50%,” said Okada. “We are looking at China, Taiwan, Korea and Japan — if you think about it from proximity, a lot of our guests will initially be coming from China and Taiwan.”

The Okada Manila resort was granted permission to commence gambling operations by the Philippine Amusement and Gaming Corporation (PAGCOR). The costs for the completion of the massive project are estimated to be $2.4 billion. The casino resort was developed by the Philippine-based Tiger Resort, Leisure and Entertainment Inc., which is a subsidiary of Universal Entertainment, headed by Okada. Much of the project was financed via debt and a private placement that was concluded in October 2016.

Sales expanding on daily basis

After a three-day preview event on December 21, 2016, Okada’s Manila casino resort has been open to gaming and catering. The resorts’ hotel and restaurants should open with Okada Manila’s official opening which is scheduled for the first quarter of 2017.

According to a recent filing with the JASDAQ Securities Exchange by Universal Entertainment Corp (TYO: 6425), sales at the Okada Manila casino resort “are currently expanding on a daily basis.”

The Philippines: the next best leisure destination?

In August 2016, the Sino-America Gaming Investment Group LLC and the Macau Resources Group Ltd. (MRGLF) had also been seeking approvals from the Philippine Tourism Infrastructure and Enterprise Zone Authority, or TIEZA, for the start of their Mactan Leisure City project in the country.

Kazuo Okada, too, plans on building three more casino venues in Entertainment City. It may not be long before we see the likes of Wynn Resorts Ltd. (WYNN), MGM Resorts International (MGM) and Las Vegas Sands Corp (LVS), looking to expand their business at the Philippine shores. - FRONTERA NEWS

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Baguio Philippines' Temperature Dropped Down 8 Degree Celsius, Winter-like uptown

Baguio Philippines' Coldest Temperature Dropped Down 8 Degree Celsius 5:00 AM 15th February 2017. Photo: Inquirer 

Cold, cold Valentine’s Day as mercury dips in Baguio

BAGUIO CITY—Residents woke up on Valentine’s Day looking forward to a day of warmth, only to be greeted by the coldest morning yet this year as the mercury dropped to 8 degrees Celsius at 5 a.m. on Tuesday.

School children and office workers were in thick jackets, woolen sweaters and scarves as they streamed out of their homes between 7 a.m. and 8 a.m. due to the bitter cold.
“My children refused to take a bath. It was too cold,” said a mother in San Luis village here. “It was so cold I could not even wash the dishes.”

Tuesday was the coldest day so far in 2017, following the 9.2-degree temperature on Sunday and the 9.4 degrees on Monday, said Aljon Tamondong, Baguio weather observer of the Philippine Atmospheric, Geophysical and Astronomical Services Administration (Pagasa) station here.
Tuesday’s cold weather exceeded the 8.1-degrees-Celsius temperature reading on Jan. 18, 2014, Tamondong said.

The cold spell was not over and the temperature dropped further due to the cold front, he said.
He said the Jan. 15, 2009, temperature, when this mountain resort city experienced 7.5 degrees Celsius, might be broken if the trend continued.

The coldest day on record in Baguio was still Jan. 18, 1961, when the summer capital experienced 6.3-degree weather. People who remembered that day described it as their closest approximation of winter.

The chill thrilled businessmen and flower vendors.

“Yearly, without fail, when news reports dramatize temperature drops to those levels, tourists flock to Baguio to experience that weather. This is always a boost for tourism of Baguio,” said Frederico Alquiros, cochair of the Baguio Flower Festival Foundation Inc., which is staging the Panagbenga grand parades next week.

“Panagbenga being in February, capitalizes on this weather,” he said.
Temperatures in upland towns like Atok and Buguias in Benguet province are usually colder than Baguio.

Atok residents described the weather condition in the town as if they were “freezing,” although there were no signs of moisture frosting up the leaves of vegetables grown in gardens, said Atok Mayor Peter Alos.

Pagasa monitored on Tuesday the lowest temperatures in the country since the northeast monsoon season—locally known as “amihan”—began in November.

The Pagasa said that aside from Baguio, the lowest temperatures were observed from 4 to 6 a.m. on Tuesday in the following areas: Tanay, Rizal, at 14.3 degrees; Malaybalay, Bukidnon, at 15.8 degrees; Itbayat, Batanes, at 16.5 degrees, and Basco, Batanes, Tuguegarao, Cagayan, and Ambolong, Batangas at 17 degrees.

Metro Manila also experienced one of its coldest days at 19.2 degrees, although a 19-degree temperature was already monitored in January.

“This is the lowest recorded temperatures since the northeast monsoon started in November. We’re seeing a surge in the monsoon; that’s also why we have gale warnings hoisted over some parts of the country,” Pagasa assistant weather services chief Renito Paciente told the Inquirer.—REPORTS FROM GOBLETH MOULIC, KIMBERLIE QUITASOL, VINCENT CABREZA AND JAYMEE T. GAMIL

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