Century Properties loses court protection in Okada deal

MANILA, Philippines - Century Properties Group Inc. of the Antonio family has lost court protection over Japanese gaming tycoon Kazuo Okada’s plan to terminate a luxury residential development deal in a $2-billion megacasino project along Manila Bay.

In a disclosure to the Philippine Stock Exchange, Century Properties said the Regional Trial Court of Makati “issued an order dated May 13 denying and dismissing the petition for interim measures of protection.”

“As of date, Century Properties is studying its legal options concerning their transaction with the Okada Group,” it added.

Early in April, the property firm secured a 20-day temporary order of protection that prevented the Okada Group from ending a partnership agreement. Century Properties bagged another favorable court order on April 23, which extended the court protection by 20 more days.

In March, Century Properties received a termination notice from Okada’s Eagle I Landholdings Inc., Eagle II Holdco Inc. and Brontia Ltd.

“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 earlier said.

In October, Century Properties 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 right to secure 36 percent of Eagle 1, the affiliate of Okada’s Universal Entertainment Corp., which is listed in the Tokyo Stock Exchange. But First Paramount Holdings 888 Inc., another party to the transaction, backed out of the deal.

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

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

Tiger Resorts & Leisure Corp. of Universal Entertainment is the company behind the $2-billion integrated casino project.

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

Okada bagged one of four licenses 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.

Last year, port mogul Enrique Razon opened the $1.2-billion Solaire Casino & Resort while SM Group’s Belle Corp. and Macau casino giant Melco Crown Entertainment Ltd. will start commercial operations of the $1.3-billion City of Dreams Manila this year.