Robinsons Land signs deal with Okada's Universal Entertainment

Robinsons  Land  Corporation  on Thursday said it signed a deal with Japan's Universal Entertainment Corp. for a minority stake in the Japanese company's Philippine subsidiary which is building a $2 billion casino resort complex in Pasay City.

 

The company “will  likewise  subscribe to a minority stake in a company which  has  been awarded a provisional license to own, develop, and manage an integrated mixed‐use, resort and gaming development within the project,” Robinsons Land said in a disclosure to the Philippine Stock Exchange.

 

“Part of the deal involves Robinsons Land acquiring a majority stake in unlisted Eagle Land Holdings Inc., which owns the site for the resort,” according to a Reuters report on Wednesday.

 

“Universal said Robinsons Land will take on the commercial and residential development, including a budget hotel, at the Manila Bay Resorts complex which is set to open in 2014,” the report read.

 

Universal is majority owned by Japanese billionaire Kazuo Okada and his son, through a family trust, the report added.

 

The deal is subject to comprehensive due diligence and the signing of definitive agreements, Robinsons Land noted in the disclosure.  

 

Universal did not disclose the value of the deal, according to Reuters. "Final contract will be signed by Jan. 31, 3013, according to a separate statement by Universal Entertainment, said First Metro Securities in its morning brief Thursday.