Posted on July 13, 2012 07:35:16 PM [
BusinessWorld Online ]
GOKONGWEI-LED Robinsons Land Corp. is
in talks for the possible management of Kazuo Okada’s integrated casino resort
complex in the Philippines, a disclosure on Friday showed.
"We confirm that Robinsons Land
is presently in discussions with the group of Mr. Okada," the disclosure
read.
"As a property developer, it is
usual for Robinsons Land to explore and evaluate investment opportunities.
However, no definitive agreements have been entered into by Robinsons Land with
the said group," it added.
Mr. Okada -- who is currently
embroiled in a legal dispute with his former business partner Steve Wynn --
heads casino giant Universal Entertainment Corp., whose local unit, Tiger
Resorts Leisure and Entertainment, Inc., is building Manila Bay Resorts in the
Bagong Nayong Pilipino Entertainment City.
During the project’s groundbreaking
last January, Mr. Okada told guests -- which had then included Frederick D. Go,
Robinsons Land president and chief executive, and Teresita T. Sy-Coson, SM
Investments Corp. vice-chairman -- that Tiger Resorts will be on the lookout
for a local operating partner for Manila Bay Resorts’ proposed shopping
arcades.
Back then, Mr. Go and Ms. Sy-Coson
both declined to comment on their respective companies’ involvement in the
Manila Bay Resorts project.
On Friday, however, Corazon P.
Guidote, SM Investments senior vice-president for investor relations, said her
camp was not in talks with Tiger Resorts for a similar partnership.
Tiger Resorts had previously committed
$2 billion for Manila Bay Resorts, with construction already in full swing
despite Mr. Okada’s ongoing legal battles.
Tiger Resorts already completed the
land purchase for the complex and the construction of the main casino has
already started, earlier reports said.
Robinsons Land, incorporated in 1980,
is the property arm of listed conglomerate JG Summit Holdings, Inc.
It has built 29 malls, 33 residential
projects, eight office buildings, and five hotels as of end-2011.
Shares of Robinsons Land rose sharply
by 3.76% to P18.20 from P17.45 on Thursday, while those of SM Investments slid
by 0.28% to P725.00 versus P727.00 at its previous close. -- Franz Jonathan G.
de la Fuente
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