The Philippines' gambling regulator said Tuesday it would suspend Japanese tycoon Kazuo Okada's license to operate a $1-billion Manila casino if he fails to explain construction delays.

Regulators confiscated a 100-million-peso ($2.2-million) assurance bond from Tiger Resorts Leisure and Entertainment and gave the company until mid-July to justify an extension to its timetable, said Francis Hernando, vice president of the state-run Philippine Amusement and Gaming Corporation (Pagcor).

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