Okada cuts ties with Century Properties on $2-B mega-casino proj

MANILA, Philippines - Japanese gaming tycoon Kazuo Okada has cut ties with Century Properties Group Inc. for a luxury residential development in a $2-billion mega-casino project in Parañaque.   

In a regulatory filing, Century Properties said it received from Eagle I Landholdings Inc., Eagle II Holdco Inc. and Brontia Ltd. a termination notice.   

“The notice of termination of the investment agreement issued by the Okada Group is premature and unfounded as it lacks legal and  contractual bases,” the company said.   

“Despite Century Properties’ good faith efforts to bring its investment transaction to closing, the Okada Group did not deliver its closing obligations,” it added.   

In October, Century Properties of the Antonio family signed a memorandum of agreement with Eagle 1 Landholdings to develop five hectares of land within the 44-hectare site called Manila Bay Resorts.   

The investment deal gave Century Properties the rights to secure 36 percent of Eagle 1, the affiliate of Okada’s Universal Entertainment Corp., which is listed in the Tokyo Stock Exchange.   

On the five-hectare site, Century Properties planned to develop luxury residential and retail properties that will total over 300,000 square meters (sqm) in gross floor area.   

Century Properties said the termination is a “maneuver by the Okada  Group to get out of its exclusivity agreement.”   

Kristina Garcia, director for investor relations of Century Properties, said the Okada Group proposed changes to the structure of the  original deal.   

“Century Properties is currently reviewing its legal options to  preserve its rights and shall issue an official response to the notice of termination shortly,” the company said.   

The real estate firm said it was ready to proceed with the deal as it already allotted $12 million for the development.   

With 28 years in the business of real estate development, marketing and property management, Century Properties has transformed 744,576 sqm of space into premier residential and office developments in and outside Metro Manila.   

For its part, Tiger Resorts & Leisure Corp. of Universal Entertainment is pursuing a $2-billion integrated casino project along  Manila Bay.   

Last year, Tiger Resorts ended its partnership with Gokongwei-led  Robinsons Land Corp. to jointly develop the hotel and casino complex.     

In 2012, Tiger Resort signed a deal with Empire East Land Holdings Inc. of Andrew Tan’s Megaworld Group for a luxury residential resort condominium project in the integrated venture but  the project has yet to result in any development.    

Okada is  one of four licensees allowed to operate a casino complex in the 120-hectare Entertainment City, which is being groomed as the  Philippines’ answer to gaming hubs in Singapore, Las Vegas and Macau.