Okada Manila aims for ‘critical mass’ with giant fountain
MANILA – Japanese tycoon Kazuo Okada’s eponymous casino in the Philippines will unveil the world’s biggest dancing fountain this week, hoping to draw tens of thousands of tourists and high rollers, a company official said Thursday.
Okada Manila hopes to drive foot traffic on a weekend day to 50,000 from the current 10,000 after the fountain is opened to the public on Friday.
The newest casino-resort on Entertainment City, the Philippines’ challenge to Las Vegas and Macau, will help build a “critical mass” and grow the market, contrary to analysts’ concerns, said Okada Manila managing director Steve Wolstenholme.
The resort hopes to attract more of the Japanese market, capitalize on the slump in Macau while building new markets in Malaysia and Indonesia, Wolstenholme told ANC’s “Market Edge with Cathy Yang.”
“We are in the most vibrant place on Earth. This is Southeast Asia. This is where the growth is,” he said.
Wolstenholme said Okada Manila would benefit from the government’s campaign to attract more foreign tourists while rebuilding the country’s transportation networks.
Okada Manila is one of four billion-dollar casinos on Entertainment City. Bloomberry Resorts operates Solaire while the SM group’s Belle Corp and Melco Crown operate City of Dreams.
Wolstenholme said Okada was “keen” on listing his casino business on the Philippine Stock Exchange though no timeframe has been set. |
