MANILA, Philippines - Robinsons Land Corp. (RLC), the real estate development arm of Gokongwei flagship firm JG Summit Holdings Inc., remains in discussions with Japanese billionaire Kazuo Okada for his $2 billion casino project in Philippine Amusement and Gaming Corp. (Pagcor)’s Entertainment City in Manila.
“We’re still in talks. It’s really gonna be a long discussion,” said RLC president Frederick D. Go when asked for an update on a possible collaboration with the Japanese tycoon.
The company earlier said it was looking at a number of opportunities which include running the retail, hotel and gaming operations for Okada’s project.
Okada, who made his riches in a game that mixes slot machine style gambling with pinball, holds one of four licenses to operate integrated casino resorts worth at least $1 billion each in the 110-hectare Entertainment City.
After hogging headlines a few months ago with his feud with erstwhile business partner Steve Wynn, Okada faces another setback with the Pagcor’s decision to withhold the casino license of Tiger Resorts Leisure and Entertainment Inc. until it complies with the country’s 40-percent foreign ownership limit.
Tiger Entertainment is the local unit of Okada’s Japan-based gaming device maker Universal Entertainment Corp.
Pagcor chairman Cristino Naguiat earlier said the state-run gaming agency has yet to issue a permanent license to Okada which will allow him to commence operations when his casino complex is completed next year.
Okada has reportedly invited several local property firms to join him in the project to meet the constitutional provision limiting foreign ownership of Philippine companies to 40 percent.
According to the Office of the Government Corporate Counsel (OGCC), Okada and his foreign companies hold as much as 64 percent of the company that was awarded a provisional gaming license.
No comments:
Post a Comment