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Robinsons Land, Universal Entertainment move deal signing

Posted on February 01, 2013 08:26:20 PM [ BusinessWorld Online ]
AN END-JANUARY signing of a deal between local property developer Robinsons Land Corp. and casino giant Universal Entertainment Corp. for a commercial-entertainment complex beside Manila Bay has been moved as talks between the two firms continue, the Japan-based firm said in a statement on Thursday.
Acknowledging that “a final agreement was scheduled to be completed by Jan. 31, 2013,” Universal Entertainment said in the statement that “negotiations concerning the final agreement are proceeding smoothly” and that it was “continuing to work on concluding the final agreement as soon as possible.”
“All relevant information required to be disclosed regarding this project shall be released in a speedy and timely manner,” the Japanese company added.
There was no new deadline to ink the deal.
Last month, Robinsons Land inked an initial deal with Japan-based Universal Entertainment — owned by tycoon Kazuo Okada — wherein the Gokongwei-led company would take minority and majority stakes in Okada Group units Tiger Resorts Leisure and Entertainment, Inc. and Eagle 1 Land Holdings, Inc., respectively.
Under the agreement, Robinsons Land will build commercial and residential facilities at Tiger Resorts’ Manila Bay Resorts, an integrated casino resort complex that broke ground in January 2011 at the Bagong Nayong Pilipino Entertainment City in ParaƱaque City. Eagle 1 owns the land.
During the groundbreaking, Mr. Okada announced that Manila Bay Resorts will feature a 450-room VIP casino hotel, a 600-room luxury casino hotel, a 1,000-room budget hotel, a 150-store upscale shopping mall, restaurants, an indoor beach club and fountain show attraction, as well as a 24/7 world-class casino facility with over 500 game tables and 3,000 slot machines.
Manila Bay Resorts is slated for opening next year, Tiger Resorts earlier said.
Robinsons Land, for its part, was incorporated in 1980 and is the property arm of listed conglomerate JG Summit Holdings, Inc. As of end-September last year, the company operated 32 shopping malls, 34 residential projects, eight office buildings, and nine hotels.
Robinsons Land and its subsidiaries are engaged in the business of selling, acquiring, building, developing, leasing and disposing of real properties such as land, buildings, shopping malls, commercial centers and housing projects, hotels and mixed-used property projects.
The real estate firm posted a net income of P4.24 billion in its 2012 fiscal year, up 6.80% from P3.97 billion the previous year, fueled by higher revenues from its commercial, office, and hotel units despite a slowdown in its residential business.
Revenues in the comparative periods climbed by 5.54% to P13.52 billion from P12.81 billion, while costs expanded by 13.33% to P7.14 billion from P6.30 billion.
Shares of Robinsons Land gained 35 centavos or 1.64% to P21.75 on Friday from P21.40 on Thursday. — Franz Jonathan G. de la Fuente       

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