By Zinnia B.
Dela Peña (The Philippine Star) | Updated June 29, 2013 - 12:00am
MANILA,
Philippines - The land ownership issue hounding the group of Japanese gaming
tycoon Kazuo Okada may finally be resolved after two unnamed local groups
signified interest to acquire majority ownership of the
property for Okada’s $2-billion casino project.
In a briefing
yesterday, Eagle II Holdings Inc. president Jose Leagogo said they have entered
into a memorandum of understanding with two leading Philippine corporations,
whereby the latter would acquire at least 60 percent of the casino project’s
landowner.
The entry of
the two firms would help Okada’s group comply with the country’s 40-percent
foreign ownership limit.
Leagogo
declined to name the two local groups, saying they are bound by a
confidentiality agreement with the parties concerned.
He said the
two groups have a month to conduct a due diligence on the property which would be developed into
a premier integrated entertainment and resort project in Manila’s future gaming
hub.
Tiger Resort
Leisure and Entertainment Inc.president Masahiro Terrada said the entry of the
two unnamed corporations would allow Okada’s group to complete its gaming
complex by the first quarter of 2015 or as scheduled.
The
entertainment complex, dubbed Manila Bay Resorts, would comprise three hotels
offering a total of 2,000 rooms, state-of-the-art gaming facilities, and an
indoor man-made beach club covered in a huge glass dome.
Terrada said
two of the hotels would be luxurious, while one would be a four-star hotel.
He said the
project would also feature a Las Vegas-style water fountain, high-end and
casual dining restaurants, upscale
retail shops, trade halls, cinemas and
ample parking lots.
The MOU
follows the failed partnership between Okada and Robinsons Land Corp. of tycoon
John Gokongwei after months of negotiations.
Among those
earlier reported to have expressed interest in partnering with Okada is
Rockwell Land Corp. of the Lopez family.
In July last
year, the Okada group also signed a deal
with real estate tycoon Andrew Tan’s Empire East Land Holdings Inc. to build a
P45-billion upscale residential condominium complex as a component of the
$2-billion entertainment hub.
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