MANILA, Philippines – Century Properties Group Incorporated said Thursday, April 23, that it has filed a notice of arbitration against the group of Japanese billionaire Kazuo Okada over the botched partnership for a $2-billion integrated resort and casino project in PAGCOR Entertainment City.
Century Properties said in a disclosure to the stock exchange that it filed the notice of arbitration with the Hong Kong International Arbitration Center, dated April 17, 2015.
It said this was due to the Court of Appeals order to set aside a previous ruling by the Makati Regional Trial Court stopping Okada from dissolving the deal.
“CPGI’s counsels are now studying the legal options the company will take to this order,” Century Properties said.
In October 2013, Century Properties agreed to develop 5 hectares of land within the 44 hectare site Manila Bay Resorts, which is being developed by Okada-led Tiger Resorts Leisure and Entertainment Incorporated.
Century Properties will also acquire 36% interest in Eagle 1 Landholdings Incorporated, which owns the 44-hectare property.
The Okada group quashed the deal after one of the investing parties withdrew from the negotiations.
In July 2014, Century Properties obtained a court order stopping Okada from terminating their investment agreement.
The court order also stopped the Okada group from selling shares of stock of Eagle I, and dealing with any other party for the development of the commercial and residential project as contained in agreements with Century Properties.
Manila Bay Resorts will be the third integrated casino to open in PAGCOR Entertainment City.
The site will include luxury residential and retail properties, and when completed, will have a total of over 300,000 square meters of gross floor area.
Slated to open in 2015, Manila Bay Resorts is eyed to be a world -class casino resort complex, with luxury hotels, classy restaurants, commercial facilities, hotels, residences, Vegas-style water fountains, and a huge indoor pool with real sand beach covered by a huge glass dome.
It will also have 3 hotels, with a total of 2,000 rooms. The gaming area will have 30,000 square meters of space, offering 3,000 slot machines and 500 gaming tables.
The project is expected to generate 15,000 direct and indirect jobs. – Rappler.com