Posted on
December 12, 2012 11:01:46 PM
GOKONGWEI-led
Robinsons Land Corp. has sealed an initial deal with Okada-led Universal
Entertainment Corp. that will allow the local property developer to assume
stakes in Okada-controlled units in line with plans to build commercial and
residential developments in Universal Entertainment’s planned integrated casino
resort complex beside Manila Bay.
“The
Universal Entertainment Group, one of the four franchisees of hotel casino
resorts in Manila’s [Bagong Nayong Pilipino] Entertainment City, signed an
initial agreement Wednesday with Robinsons Land for the development of its Manila
Bay Resorts project,” Universal Entertainment said in a statement yesterday.
Neither
Robinsons Land nor its parent, JG Summit Holdings, Inc., was not immediately
available for confirmation.
Universal
Entertainment, owned by gambling tycoon Kazuo Okada, is the parent of Tiger
Resorts Leisure and Entertainment, Inc., which is currently building Manila Bay
Resorts, an integrated casino resort complex that broke ground last January.
According to
the statement, Robinsons Land will acquire a minority stake in Tiger Resorts,
as well as a majority stake in Eagle 1 Land Holdings, Inc., owner of Tiger
Resorts’ property in Entertainment City, in line with plans for the Gokongwei
firm to develop “commercial and residential facilities, including a budget
hotel,” at Manila Bay Resorts.
Further
details of the agreement, such as the specific stakes involved, were not
immediately available. The final agreement is slated for completion on Jan. 31
next year, the statement added.
Last July,
Robinsons Land disclosed it was “in discussions” with Universal Entertainment
for the project, but it did not offer details.
Tiger Resorts
said last January that it had committed $2 billion for Manila Bay Resorts, with
construction already in full swing despite Mr. Okada’s ongoing legal battle
with former business partner Steve Wynn and with United States regulators.
Mr. Okada told
reporters last May that Tiger Resorts had completed the land purchase for the
complex and that construction of the main casino had already started.
Universal
Entertainment had been linked by news reports last month to payment of millions
of dollars to a former consultant of the Philippine Amusement and Gaming Corp.,
an allegation the Okada-controlled firm denied last week.
Shares of
Robinsons Land added 85 centavos or 4.12% to P21.50 apiece yesterday while
those of parent JG Summit gained P1.10 or 2.91% to P38.90. -- F. J. G. de la
Fuente
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