Robinsons Land confirms talks with Okada's Universal failed

Gokongwei-led Robinsons Land Corporation on Wednesday confirmed it has ended talks with Kazuo Okada's Universal Entertainment Corp. over a $2-billion gaming and leisure project, the property developer noted in a disclosure Wednesday. 

 

In a disclosure to the Philippine Stock Exchange, Robinsons Land the talks fell through. No reason was cited. 

 

"Upon mutual agreement, Robinsons Land Corporation and Universal Entertainment Group have decided not to pursue discussions between them concerning the proposed development located in the PAGCOR Entertainment City Project," the disclosure read. 

 

Earlier Wednesday, Reuters reported a source privy to the negotiations said the parties involved ended talks over a planned joint development complex in Manila without concluding a deal. 

 

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, Reuters said. — SOA/GMA News