Okada Group: $2-B casino complex to open in 2015 despite Century Properties case 

Manila Bay Resorts will open as scheduled during the third quarter of 2015 despite an ongoing dispute  over an investment deal with Century Properties Group Inc., owner Tiger Resorts, Leisure and Entertainment Inc. said Wednesday.

"In connection with the issue on the allegations of Century Properties Group Inc., we regret that the development turned out the way it did. We wish to say that there have been no financial
transactions with CPGI and the Okada group," Tiger Resorts, the Philippine unit of Japanese billionaire Kazuo Okada, said.

"As we have mentioned previously, the investment agreement with CPGI was executed by three parties. Unfortunately, one of the three withdrew from the agreement. Hence, we have no recourse but to stop the negotiations with CPGI," it added.

Construction of Manila Bay Resorts, the $2-billion casino project in Entertainment City Manila, is moving on schedule, Tiger Resorts noted.

"We project mass hiring of operational staff during our planned opening in the 3rd quarter of 2015. We project employment will reach 15,000 both for direct and indirect employees, once our project is finished," Tiger Resorts said.

In a separate disclosure to the Philippine Stock Exchange Wednesday, Century Properties said Makati Regional Trial Court granted a 20-day protection order against the Okada Hroup.

On Tuesday, Century Properties sued the Okada Group in the Philippines for terminating an investment agreement cover the $2-billion development. The group consisted of Eagle I Landholdings Inc., Eagle II Holdco Inc., and Brontia Limited.

Century Properties wants the court to keep its legal interests and exclusive rights under the agreement protected, and to stop the Okada Group from terminating the deal, selling shares of stock of Eagle I, and dealing with any other party to develop the commercial and residential portions of Manila Bay Resorts.

The property developer also asked the court to prod the Okada Group to release documents and information Century Properties needs to complete its due diligence on the group.

The Okada Group invited Century Properties in October 2013 to become a shareholder of Eagle 1, to develop the 5-hectare commercial-residential property for Manila Bay Resorts.

The transaction would have given Century Properties a 36 percent shareholdings in Eagle 1, which on paper owns Manila Bay Resorts. 

Under the agreement, Century Properties had the exclusive rights to build luxury retail and residential properties on a five-hectare portion of the casino and entertainment complex.

Another company, First Paramount Holdings, was supposed to buy 24 percent of Eagle 1, but backed out of the deal that led the Okada group to dissolved the deal with Century Properties. – VS, GMA News