Century Properties Group Inc. look to sue Japanese gaming magnate Kazuo Okada for dropping their casino project in the Philippines with the Antonio-led property developer
In October 2013, Century Properties Group Inc. entered into an agreement with Okada-led Eagle I to develop a portion of the 44-hectare Manila Bay Resorts in Pagcor Entertainment City.
Expected to open in 2015, Manila Bay Resorts Would be a “world class casino resort complex” that will boast luxurious hotels, restaurants, residences, Filipino poker rooms and “Vegas-style” water fountains, among other things.
However, Century Properties said it received a Notice of Termination of the investment agreement from Jose Lis Leagogo of Eagle I Landholdings Inc., Eagle II Holdco Inc. and Brontia Limited.
Century properties have said: “The company will shortly be replying to the Notice of Termination”.
In another piece of gambling news, Eagle I stated: “This investment agreement was executed by three parties. We now have to stop the negotiation since one of the three parties withdrew from the agreement. Therefore, we sent a notice of termination to Century Properties.”
In a briefing Thursday, Kristina Garcia, Century Properties director for investor relations, told reporters the Okada group proposed to change the deal structure.
“It was more on the exclusivity to do the residential and commercial… which we did not sign, because what we wanted was the original structure that they proposed,” she said.
The company said it sent a Notice of Dispute to Eagle I, Eagle II, and Brontia Limited last March.
“…yet Eagle I Landholdings Inc., Eagle II Holdco Inc. and Brontia Limited sent such Notice of Termination,” she continued.
Century Properties would still proceed with the deal if the dispute is resolved, so further developments may occur.