Kazuo Okada’s Universal Entertainment calls off Century Property deal

Universal Entertainment, run by billionaire Kazuo Okada, has terminated an accord for Century Properties Group to invest in a $2 billion casino project being developed by the Japanese company in Manila Bay. Century, which said it will contest the notice of termination, said Universal sought changes to the accord that would have eliminated its exclusive rights for the luxury commercial and residential portion of the complex. Universal and Century entered the agreement in October last year to in part help the Japanese company to comply with a law restricting foreign ownership of land to 40 percent.

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