Okada to pursue PH casino project
Kazuo Okada AP FILE PHOTO
MANILA, Philippines—The group of Japanese gaming magnate Kazuo Okada regrets an aborted partnership with Century Properties Group Inc. (CPG) but still intends to pursue its casino project in the Philippines with the goal of starting business by the third quarter of 2015.
“Our construction is progressing according to schedule. Currently, this construction includes the hotel tower and casino floors,” the Okada group said in a statement issued through local unit Tiger Resort, Leisure & Entertainment Inc.
The Japanese group sees “mass hiring” of operational staff in line with the planned opening of the entertainment complex in the third quarter of 2015.
“We project employment will reach 15,000 both for direct and indirect employees, once our project is finished,” the statement said.
The statement was issued on Wednesday following CPG’s filing of a lawsuit to compel the Okada group to honor an earlier agreement for the Antonio-family led company to be a real estate partner in entertainment complex “Manila Bay Resorts.”
Article continues after this advertisementThe deal would have made CPG part owner of Eagle 1, the holding firm that owns the 44-hectare estate within Pagcor Entertainment City where Okada’s gaming complex will rise. At the same time, CPG had signed up to build luxury residential and retail properties with over 300,000 square meters of gross floor area on a five-hectare site within the complex.
Article continues after this advertisementThe statement, however, did not mention how the Okada group intends to address land ownership restrictions that earlier prompted the partnership with CPG and another local group.
CPG filed a petition for interim measures of protection at the Regional Trial Court of Makati against the Okada group through units Eagle I Landholdings, Inc., Eagle II Holdco., Inc. and Brontia Ltd. It sought an ex-parte 20-day temporary order of protection against the Okada group.
“In connection with the issue on the allegations of Century Properties Group Inc., we regret that the development turned out the way it did. We wish to say that there have been no financial transactions with CPGI and the Okada group,” the Okada group said.
“As we have mentioned previously, the investment agreement with CPGI was executed by three parties. Unfortunately, one of the three withdrew from the agreement. Hence, we have no recourse but to stop the negotiations with CPG,” the group said.
The third party referred to is First Paramount Holdings 8888 led by businesswoman Alice Eduardo. CPG and First Paramount would have together owned 60 percent of the company owning the land in Pagcor City.
“We are always complying with respective laws and regulations both in Japan and in the Philippines. We will not tolerate any semblance of dishonesty in our dealings. Our goal is to contribute to the Philippine economy through our investments in PAGCOR city and generate employment to thousands of Filipinos, during the construction phase and the operational aspect of the project,” the Okada group said.
“Once our operation becomes profitable, we commit to set aside substantial fund for our corporate social responsibility to the people of the Philippines, who belong to the marginalized sector,” the Japanese group said.
RELATED STORIES
Century Properties bucks Okada’s termination of pact
