Okada, Gokongwei groups sign pact to develop gaming hub in Pagcor City

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MANILA, Philippines—Amid raging bribery allegations, the Okada group has struck a deal with the Gokongwei group on a Philippine gaming and real estate partnership in the government’s upcoming gaming hub Pagcor City.

Okada’s Universal Entertainment and Robinsons Land Corp. separately announced late Wednesday the signing of a basic agreement that would allow the latter to acquire a minority stake in its wholly owned Tiger Resorts, Leisure and Entertainment Inc. At the same time, RLC will acquire a majority stake in Eagle I Land Holdings Inc., the landowner of the project site.

RLC will be responsible for developing the commercial facilities, a budget hotel and residential facilities in the project. The final agreement shall be concluded by Jan. 31, 2013, according to the statement.

“This entry of the JG Summit in the gaming space only shows that the Philippines will be among the leading players in tourism gaming space in the region. We expect more interest in the gaming sector over the next couple of years,” said Paul Joseph Garcia, senior vice president and head of Odyssey Funds at Bank of the Philippine Islands.

With other big projects pursued by Bloomberry and the Melco group in partnership with Belle Corp., Garcia said the Philippines would soon “be a fierce player” in the regional tourism gaming space.

Over the last few years, Singapore and Macau have emerged as formidable gaming hubs in the region.

The announcement did not say how much stake RLC will get in the gaming operations.

Universal Entertainment said the casino resort being developed by the Group would be called “Manila Bay Resorts.” Besides a world-class casino, it said the major casino resort complex would have luxurious hotels, classy restaurants, commercial facilities, a budget hotel, residences, Vegas-style water fountains and an enormous indoor pool with real sand beach covered by a huge glass dome.

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  • http://profile.yahoo.com/55XNXOYBNF6BG3EWOM5V4YMWXM Pedro

    MORE  CASINOS  MEANS  MORE  CORRUPTION  AND  MORE   PROSTITUTION !!  KAWAWANG  MGA  PILIPINO !!  NO TO  MORE  CASINOS !!

  • http://www.facebook.com/charles.robbie Charles Robbie

    Let me guess… all funded by Chinese?
    To see this beautiful country being constantly raped by the Chinese is a travesty! 

    • http://www-blogjosemig200905com.blogspot.com/ Jose Miguel Garcia

      We filipinos do not see chinese taking over of our resources, our lands and control of direction of development of our country which have been to their benefit and to the destruction of our nationhood as a present sickness we have to eradicate.  What we are preoccupied with is the Hollywood theatrical images of us filipinos defending heroically with ships, planes and infantries our peripheral territories like Spratlys and Panatag Shoal against chinese invasion.  Yet we are banking on our U.S. occupants who by their invasion of our nation in the 1900s cost us 1,000,000 lives and the castration of our defense system to remain impotent against foreign invasion till today to be the one to determine our defense.

    • http://pulse.yahoo.com/_V6JTYBZXUSXIDCD67ACZK7NUKM Joseph

      The well established Chinese families here consider the Philippines their home and will take care of it – probably even better than the average Filipino you see on the street!

      It’s the influx of new Chinese from the mainland that need to be kicked out. Even the old Chinese can agree to that!

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