Okada's Universal, Gokongwei's Robinsons fail to reach deal on Manila casino — source

Philippine property firm Robinsons Land Corp. and Japan's Universal Entertainment Corp. have ended talks over a planned joint development of a $2 billion casino-resort complex in Manila without concluding a deal, said a person with knowledge of the matter.

 

Universal, controlled by billionaire founder Kazuo Okada, had been in negotiations with Robinsons Land since late last year over what would be the Philippines' biggest casino-resort development. Those talks were extended indefinitely after the failure to close a deal by an initial target of end-January.

 

Robinsons Land had been in talks to acquire a majority stake in unlisted Eagle I Landholdings Inc., which owns the site for Universal's casino project, with the aim of developing the commercial, hotel and residential parts of the complex.

 

Universal did not immediately respond to a request for comment. Robinsons told Reuters it was reviewing its options related to the planned tie-up with Universal. — Reuters