Okada group pursues plan for $1-billion casino in Pagcor City

Posted at 05/21/14 8:52 AM

MANILA - The group of Japanese business Kazuo Okada said it will continue the plan to build a $1-billion casino complex in the Pagcor Entertainment City after the Japanese firm initially won on the case filed by local partner Century Properties Group Inc.

“Universal Entertainment Group continues to contribute to the Philippine economy and to generate employment by carrying forward our casino resort project [called] Manila Bay Resorts,” the Okada group said in a statement.

The Regional Trial Court in Makati City has dismissed the petition filed by Century Properties Group controlled by the Antonio family for interim measures of protection filed against the Okada firm.

Century Properties was supposed to develop some 5 hectares of retail and residential portion of the complex. Eagle I Landholdings Inc., Eagle II Holdco Inc. and Brontia Ltd.—collectively, known as the Okada Group—canceled an agreement with Century Properties after certain conditions were reportedly not met.

Century Properties, however, went to court to preserve its exclusivity rights for the high-end development. Okada holds the license issued by the Philippine Amusement and Gaming Corp. to develop the complex.

Read more on BusinessMirror.