Leveranciersnieuws

Filippijnen - Universal lost 60 procent van het project in de Baai van Manilla af

Universal Entertainment has signed a deal with a Philippine property developer as it looks to move forward with its US$2bn Tiger Resorts project in Pagcor Entertainment City.

It has signed a deal with Century Properties Group who will develop five hectares of the 44-hectare site.

Analysts believe that the agreement struck with Kazuo Okada’s Eagle I Landholdings could be a ploy to circumnavigate allegations that Universal broke local laws stipulating that only 40 per cent of any land involved in such a project could be owned by foreigners.
Century, owned by Ambassador Jose E.B. Antonio also confirmed said it would buy36 per cent of Eagle 1, the local arm of Universal Entertainment Corp.

Century will build residential and retail properties within the five-hectare lot but will not be involved in any aspect of the casino.

In another deal, Universal sold shares in its Philippine subsidiary to First Paramount Holdings 888, taking the combined Filipino ownership in the project up to 60 per cent. Manila Bay Resorts, expected to open in 2015.