Saturday, May 28, 2022

Century Properties seeks Okada deal

Century Properties is seeking to mend ties with former partner Universal Entertainment Group over a deal to develop a $2 billion casino resort in Manila’s Entertainment City, according to media reports.Universal, owned by Japanese billionaire Kazuo Okada, in March ended an accord that would have allowed Century to develop the real estate side of the project. Century took legal action and in July secured a court order preventing Universal from terminating the partnership.The Japanese company needs a local partner on the project to comply with laws in the Philippines restricting foreign ownership of land. Regulator PAGCOR has said the company would not be permitted to open its resort without complying with the regulations."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, was cited as saying in the reports.Century is amenable to a partnership based on previously signed terms.

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