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Japanese gambling tycoon Okada gets Philippines casino partner

Published on Dec 13, 2012 5:18 PM
 
Kazuo Okada, chairman of Universal Entertainment Corporation, speaks during the ground-breaking ceremony of its casino-hotel projects in Manila, in this file picture taken January 26, 2012. Okada's Universal Entertainment funnelled at least $30 million to an ex-consultant for the Philippines gaming authority, who is now at the centre of a bribery investigation, according to sources and company records, Reuters reported on November 30, 2012. -- PHOTO: REUTERS

MANILA (AFP) - Japanese gambling tycoon Kazuo Okada has teamed up with the family of Philippine billionaire John Gokongwei for a billion-dollar casino project in Manila, both sides said on Thursday.

Robinsons Land Corp, a Gokongwei-controlled developer, said it would take a minority stake in an Okada firm that owns a gaming franchise in the Philippine government's giant Entertainment City complex along Manila Bay.

Under the deal with Okada's Universal Entertainment Group, Robinsons Land would also purchase a majority stake in a company that owns the land where the casino, called Manila Bay Resorts, would be built.

"Robinsons Land Corporation shall be responsible for developing the commercial facilities, a budget hotel and residential facilities in the project," Universal Entertainment said in a statement on its website.

 
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