Sep 02, 2014 Newsdesk Latest News, Philippines, Top of the deck  
Philippine developer Century Properties Group Inc – which on Tuesday announced it had completed its first bond issuance raising PHP2.7 billion (US$61.9 million) in fresh funds – said the same day it might be willing to resume talks with Japan’s Universal Entertainment Corp about partnership on its US$2 billion Manila casino scheme.
In July, Manila-listed Century Properties stated in a filing it had obtained a Philippines court order stopping a group of companies including Universal Entertainment – that are controlled by Japanese billionaire Kazuo Okada – from terminating a deal to develop jointly the Manila Bay Resorts gaming complex.
“The plan is for us to discuss among ourselves out of court, and then take it from there,” Kristina Garcia, head of investor relations for Century Properties, told reporters on Tuesday, according to reports in the Philippines media.
“On our side, if it will be the same terms we’re amenable to do that but there is no formal agreement yet,” Ms Garcia said on the sidelines of the listing of Century Properties’ bonds on the Philippine Dealing and Exchange Corp market.
Mr Okada’s side reportedly terminated in March an agreement that allowed Century Properties to build luxury residential and retail developments in the 44-hectare (109-acre) project.
GGRAsia has asked both Universal Entertainment and Tiger Resort, Leisure and Entertainment Inc – the firm controlled by Mr Okada that will be responsible for the resort’s operation once it is completed next year – for comment on the issue, but neither has spoken about it so far.
Even if reconciliation with Century Properties were not achieved, Mr Okada’s side would still need a local partner for the land part of the deal. That is if the resort is to have its temporary casino licence upgraded to a permit to operate, Cristino Naguiat, chairman of the country’s casino regulator, the Philippine Amusement and Gaming Corp (Pagcor), said in June.
Mr Okada’s original deal with Century Properties, signed in October 2013, would have made the developer a 36-percent owner of an entity called Eagle I Landholdings Inc. The latter holds the resort’s land.
The deal reportedly was terminated after privately held Philippine firm First Paramount Holdings 888, which would also have a stake in Eagle I, withdrew from the agreement.
Under the country’s constitution and public land laws, only Filipinos, or entities owned at least 60 percent by Filipino citizens, are allowed to own land, thus restricting Mr Okada or his majority-owned companies to just 40 percent ownership.
The Philippine developer was also set to build luxury residential and retail properties in a 5-hectare site within the complex.
Mr Okada’s side holds one of four casino licences granted to private investors by Pagcor to build casino resorts in Entertainment City, a new development area in Manila. A condition imposed on the licensees is that they create properties that compete with the best that Macau, Singapore and Las Vegas have to offer in order to attract overseas players.
Other licence holders are: local firm Belle Corp, which teamed with Melco Crown Entertainment Ltd for City of Dreams Manila, due for a first phase opening at the turn of the year; Alliance Global Group Inc, which paired with Genting Hong Kong Ltd at the already-operational Resorts World Manila at Newport City near the capital’s airport; and Bloomberry Resorts Corp; the first to operate a casino complex – Solaire Resort and Casino – in Entertainment City proper. It opened in March last year.
May 30, 2023
May 24, 2023
Jun 07, 2023
Jun 07, 2023
Jun 07, 2023
Chinese government policies relevant to investors and consumers might “turn more positive” if the country’s economic-growth momentum “continues to weaken”, says a note from...Jun 07, 2023
Casino gaming content and hardware provider Light &...Jun 06, 2023
Electronic table games (ETGs) supplier Interblock dd is...Jun 05, 2023
Random number generator (RNG) testing tools are among the...Jun 01, 2023
Alfastreet, a manufacturer of electronic gaming machines,...Jun 01, 2023
Casino equipment maker Sega Sammy Creation Inc is tweaking...Jun 01, 2023
The iGaming segment in Asia “has grown rapidly” since...May 31, 2023
Showing slot machine players – via animations on the...May 31, 2023
Macau stocks in likelihood “have been punished too much...May 31, 2023
There are foreign companies still interested in investing...May 31, 2023
Thailand could pass the necessary enabling legislation for...May 30, 2023
China will remain a key market for Asian gaming...May 30, 2023
Alejandro Tengco (pictured in a file photo), chairman and...May 30, 2023
There are “plenty of reasons” for the global gaming...May 30, 2023
Gaming equipment provider International Game Technology Plc...May 30, 2023
The Global Gaming Expo (G2E) Asia 2023 Special Edition:...May 29, 2023
Austria-based gaming equipment maker and operator Novomatic...May 25, 2023
Sports betting and online casino operating platform...May 24, 2023
The business performance in Asia of gaming content and...May 18, 2023
The organisers of Global Gaming Expo (G2E) Asia 2023...May 17, 2023
Gaming content and equipment supplier Light & Wonder...May 16, 2023
Casino equipment maker Sega Sammy Creation Inc is to...May 09, 2023
Casino slot machine and digital gaming content provider...May 05, 2023
The Global Gaming Expo (G2E) Asia event in Singapore is the...May 04, 2023
An adviser to a Thailand parliamentary committee mulling...(Click here for more)
”We’ve said we want to grow EBITDA ... to US$1.4 billion in 2025. And we have a really high level of conviction about getting there”
Matt Wilson
Chief executive of casino equipment provider Light & Wonder