The Straits Times
www.straitstimes.com
Published on Dec 13, 2012
 

Japanese gambling tycoon Okada gets Philippines casino partner

 
 

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.