Gokongwei, Okada team up for Manila casino project
MANILA, Philippines - Tycoon John Gokongwei Jr. is partnering with Japanese billionaire Kazuo Okada for the development of the latter's Manila Bay Resorts project at Entertainment City.
Okada's Universal Entertainment Group on Wednesday signed an initial agreement with Gokongwei-led Robinsons Land Corp. for the development of the casino resort project at the Philippine Amusement and Gaming Corp.'s Entertainment City.
Under the initial agreement, Robinsons Land will acquire a minority stake in Tiger Resorts, Leisure and Entertainment Inc., the operating company of the project.
Robinsons Land will also acquire a majority stake in Eagle I Land Holdings, Inc., which owns the land of the project site. Robinsons Land will handle the development of the commercial and residential facilities, including a budget hotel.
Tycoon John Gokongwei is partnering with Japanese billionaire Kazuo Okada to develop a casino resort in Manila.
The final agreement will be concluded on January 31, 2013.
The Manila Bay Resorts complex is a casino resort complex that will boast hotels, 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.
Universal Entertainment Group, one of the four franchisees of hotel casino resorts in Manila’s Entertainment City, has recently been embroiled in controversy. A Reuters report alleged that a series of payments were made to a former Pagcor consultant. between January and May of 2010 when Universal was lobbying for concessions for a casino resort on Manila Bay.
Universal Entertainment has denied the report and has sued Thomson Reuters and its journalists for defamation over the report.