ASEAN KEY DESTINATIONS
Philippines casino project brings together Century and Okada as partners
Century Properties Group Inc. has entered into an agreement with Okada-led Eagle I Landholdings, Inc to develop a portion of the 44-hectare Manila Bay Resorts in Pagcor Entertainment City.
In a statement Friday, the property unit of Ambassador Jose E.B. Antonio said it has also entered into an investment agreement to acquire 36 percent interest in Eagle 1, the local affiliate of Universal Entertainment Corp.
Under the plan, Century Properties will put up luxury residential and retail properties within the five-hectare lot that will contain over 300,000 square meters of gross floor area upon completion.
Closing of both agreements for the five-hectare site and investment agreement for Eagle 1 shall occur upon satisfaction of legal and regulatory requirements, the statement said.
Manila Bay Resorts, expected to open in 2015, is described as a “world class casino resort complex” that will boast luxurious hotels, classy restaurants, commercial facilities, hotels, residences, “Vegas-style” water fountains, and an enormous indoor pool with real sand beach covered by a huge glass dome.
The controversial $2-billion casino project will also contain three hotels with a total of 2,000 rooms. The gaming component of the project involves 30,000 square meters of space offering 3,000 slot machines and 500 gaming tables.
Century Properties, in its agreement with Eagle 1, said it will not be involved in any aspect of the gaming operations.
Kazuo Okada, a Japanese billionaire, is facing a U.S. criminal investigation related to his Philippine casino project.
In the Philippines, a fact-finding panel of the Department of Justice and the National Bureau of Investigation has recommended the filing criminal charges against 26 individuals, including Okada and eight other foreigners, over alleged anomalous activities related to the casino project.
Universal Entertainment was previously in talks with the Gokongwei-led Robinsons Land Corp. to be its local partner for the development of the $2 billion casino project. The talks, however, ended in May.
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