Kazuo Okada. Photo from Reuters
InterAksyon.com
The online news portal of TV5
MANILA - The group of Japanese billionaire Kazuo Okada and Filipino tycoon John Gokongwei on Wednesday formalized a deal for the development of the latter's casino complex at a reclaimed area along Manila Bay.
In a statement, Universal Entertainment Group said it signed an initial agreement with Robinsons Land Corp (RLC) that will allow the Gokongwei-owned property developer to acquire a minority stake in Tiger Resorts Leisure and Entertainment Inc, the Okada-led operating company of the Manila Bay Resorts development.
RLC will also take a majority stake in Eagle I Land Holdings Inc, the landowner of the project site.?The final agreement will be concluded on January 31.
The deal will give Okada - one of the four franchisees of hotel casino resorts in Entertainment City - a Filipino partner in the person of Gokongwei.
Henry Sy-led Belle Corp had tapped Macau casino operator Melco Crown Entertainment Ltd, while Andrew Tan's Alliance Global Group Inc forged a partnership with Genting Hong Kong. The fourth licensee of Philippine Amusement and Gaming Corp (Pagcor), Enrique Razon-led Bloomberry Resorts, hired Las Vegas-based Global Gaming Asset Management.
The Okada group risks losing its license once allegations of bribery attending its transactions with state-run Pagcor during the previous administration are proven.
Pagcor runs the Entertainment City project, which is envisioned to give gambling hubs Macau and Las Vegas a run for their money.
Okada's Manila Bay Resorts complex will house luxurious hotels, classy restaurants, commercial facilities, a budget hotel, residences, Vegas-style water fountains and an enormous indoor pool with real sand beach covered by a huge glass dome.
Earlier, the Universal Entertainment Group announced that its Hong Kong subsidiary, Universal Entertainment Hong Kong, signed a non-disclosure agreement with retail leader Shinsegae Group of South Korea, signalling the start of discussions for?the development of commercial facilities within the Japanese firm's casino resort complex in Yeongjondo Island, Incheon, Korea.
A pioneer in the Korean retail industry, Shinsegae?s flagship store in Centum City, Busan is the world?s largest department store, surpassing Macy?s of New York. To date, it operates nine department stores, 137 general merchandise stores and 27 overseas outlets.
The Philippines has strong ties with South Korea, which topped the number of foreign tourists to the former in recent years. Last year, close to one million South Koreans visited the Philippines.
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