Former Deutsche Bank and Union Gaming banker Byron Yip has been appointed Chief Operating Officer of Okada Manila, Inside Asian Gaming has learned.
Yip, who has also joined the board of directors of Okada Manila operator Tiger Resort Leisure and Entertainment Inc, takes over the role from Steve Wolstenholme, who announced in April he was joining Vietnam IR project Hoiana. Yip confirmed his appointment to IAG but declined a request for comment.
However, Union Gaming’s Head of Equity Research Grant Govertsen described his former colleague’s recruitment as “quite a coup for Okada Manila.”
“The addition of Byron comes at a great time for Okada as the property is at an inflection point and his skillset should prove instrumental in turning Okada into a premier Manila property,” Govertsen said.
“We view the Manila market as one of the more exciting long-term growth stories in all of gaming given the strength in the economy, which in turn has created a very robust locals gaming market. The fact that Okada has an outsized share of supply bodes well for its future cash flow story as it captures a greater share of the market.”
Yip spent eight years with Deutsche Bank, where he provided investment banking services to global gaming companies, before joining Union Gaming in 2016. He previously worked as an investment banker with TD Securities in Toronto, Canada and with Deloitte & Touche.
Meanwhile, Tiger Resorts Chief Financial Officer Hans Van Der Sande told IAG he has a “high degree of confidence” that Okada Manila will hold its grand opening “this fall” following a series of delays. The property held its soft opening in December 2016 but only added VIP gaming in 3Q17 and has so far completed around half of the 993 hotel rooms it will offer once complete. Okada Manila’s license allows for up to 500 gaming tables and 3,000 slot machines when fully operational.
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