Reuters logo
2 years ago
Philippines' Century Properties, Japan's Universal settle casino dispute
May 14, 2015 / 8:32 AM / 2 years ago

Philippines' Century Properties, Japan's Universal settle casino dispute

MANILA, May 14 (Reuters) - Philippine real estate firm Century Properties Group Inc said on Thursday it has amicably settled a dispute with Japanese slot machine tycoon Kazuo Okada's Universal Entertainment Corp over a Manila casino-resort deal and is withdrawing a court case against its one-time partner.

Universal Entertainment last year terminated a deal under which Century was to build luxury residential and commercial establishments in the $2 billion Manila Bay casino-resort. That prompted Century to pursue legal action to prevent the Okada group from ending the deal.

Century said in a stock exchange filing that the two firms reached an accord without conditions, adding that it "wishes the Okada group well in the continuation of the Manila Bay Resorts project". "We are now taking the appropriate legal steps to withdraw the case," Century said. (bit.ly/1G88bk0)

A Century official said there was no financial settlement involved in resolving the dispute. Dropping the case will allow Century to focus on new projects like mass housing, leisure and tourism, the official said.

A spokesman for Universal Entertainment in Tokyo contacted by Reuters by telephone declined to comment.

At Universal's Philippine affiliate, Tiger Resort, Leisure & Entertainment Inc, Senior Vice President Adrian Ort said, "We have nothing further to add to the stock market release made by Century."

Century had secured a court order in July preventing the Okada group from terminating the partnership deal, but that order was set aside by the Philippine Court of Appeals last month.

On Monday, the Philippine gaming regulator said it had confiscated a $2.2 million guarantee payment from Tiger and threatened to suspend its permit because of delays in the project.

Tiger had said it was likely to open the first phase of the project in 2016, a year later than planned.

Reporting by Neil Jerome Morales and Enrico dela Cruz; Editing by Kenneth Maxwell

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below