RLC in talks with Japanese tycoon for $2-B casino project

Posted at 07/13/12 11:26 AM

MANILA, Philippines (UPDATE) - Gokongwei-led property developer Robinsons Land Corp. on Friday confirmed it is in talks with Japanese billionaire Kazuo Okada for his casino development project in Pagcor's Entertainment City.

"We confirm that RLC is presently in discussions with the group of Mr. Kazuo Okada. As a property developer, it is usual for RLC to explore and evaluate investment opportunities," RLC said, in a disclosure to the stock exchange.

However, RLC said it has not entered into any definitive agreements with the Okada group.

The Philippine Daily Inquirer reported that RLC has offered to run the gaming and retail operations of Okada's $2 billion Tiger Resorts project in Entertainment City.

Meanwhile, Malacañang welcomed the reported talks between Gokongwei and Okada.
“Well, we won’t comment on the specifics of that because that’s the private transaction right now. But if there is interest in investing in the Philippines, we certainly welcome this activity and this interest. But I understand it’s at an early stage and the government really has no role at this point,” Presidential Communications Development and Strategic Planning Office (PCDSPO) Secretary Ricky Carandang said.
“The plans for the Entertainment City will require large amounts of capital, and capital that comes in, willingness of investors to come in, of course, will help complete or continue that those plans,” he added.

Okada recently made headlines when he was engaged in a fierce legal battle with Las Vegas casino tycoon Steve Wynn. - With report from Willard Cheng, ABS-CBN News