Identity of local partner still unknown
Philippine real estate development firm Century Properties has reached a settlement with Universal Entertainment Corp., which was briefly its partner in a plan to develop a Manila casino resort. Century has withdrawn its court case against Universal, which is owned by Japanese slot mogul Kazuo Okada, in an “amicable” resolution, reported Reuters.
In 2014, Universal Entertainment terminated its deal with Century to build upscale residential and commercial facilities in the $2 billion Manila Bay resort. The original deal would have given Century Properties a 36 percent ownership of Eagle I Landholdings Inc., the owner of the lot where the casino is being built, according to the World Casino News.
In related news, according to a filing with the Japanese Stock Exchange, Universal has sold its 40 percent stake in Eagle II Holdco Inc., which owns 60 percent of Eagle I. Any foreign operator must have a local partner to develop and operate a Philippine casino; All Seasons Hotels & Resorts Corp., a Philippine company owned by Antonio Cojuangco, bought the Eagle II stake in January for $2.9 million. It is not yet known if Cojuangco, who is related to the country’s president, is Okada’s new partner.
A Century spokesperson said the company received no financial settlement in the case, and the company “wishes the Okada group well in the continuation of the Manila Bay Resorts project.”
Meanwhile, project delays recently caused Philippine gaming regulator PAGCOR to confiscate a $2.2 million guarantee payment from Tiger Resorts, Universal’s Philippine subsidiary. PAGCOR also warned Tiger it might suspend its permit.
The resort is not expected to be complete until 2016, a year later than originally projected. But in an email to GGRAsia, Tiger said it has “committed approximately US$750 million into the project, with a further US$1 billion pending” and has completed more than 50 percent of the construction of the project. “We believe we are in compliance with the terms of the provisional license,” wrote a Tiger spokesman.
