Century Properties open to settlement with Okada group

MANILA, Philippines – Century Properties Group Inc. (CPG) said Tuesday, September 2, it was willing to settle a partnership dispute with Japanese billionaire Kazuo Okada over a planned $2-billion integrated casino and resort project in Pagcor’s Entertainment City.

On the sidelines of CPG’s retail bond listing Tuesday, its investors relations head Kristine Garcia said the company was willing to resume talks with Okada’s Universal Entertainment Corporation on the joint venture, provided that the latter would honor previously agreed upon terms and conditions.

“The plan is for us to discuss among ourselves out of court and take it from there… if it will be the same terms, we are amenable to do that, but there is no formal agreement yet,” Garcia said.

The partnership deal between the parties would have given CPG and another company, First Paramount Holdings 888 Inc., stakes in Okada’s local unit that owns the 30-hectare property inside Entertainment City where the casino project Manila Bay Resorts would be built.

Aside from owning a stake, CPG was supposed to develop a 5-hectare luxury residential and commercial project within the complex.

The Okada group, however, rescinded the agreement after First Paramount withdrew from the negotiations.

But last July, CPG obtained a court order stopping the Japanese tycoon from terminating their agreement. The order also stopped the Okada group from selling shares in Eagle 1 and dealing with any other party for the developments in its casino complex.

Okada group, one of 4 Pagcor license holders in the Entertainment City, earlier announced that it was on track with the development of Manila Bay Resorts, which would open by the third quarter of 2015.

Manila Bay Resorts will feature 3,000 slot machines, 500 gaming tables, a hotel tower with suites and fine dining restaurants that will accommodate VIPs and high rollers from across the globe. – Rappler.com