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Japan's Universal signs deal with Robinsons on Manila casino
December 12, 2012 / 1:10 PM / 5 years ago

Japan's Universal signs deal with Robinsons on Manila casino

MANILA (Reuters) - Japan’s Universal Entertainment Corp 6425.0S said on Wednesday it has signed a deal giving property firm Robinsons Land Corp (RLC.PS) a minority stake in its Philippine unit which is building a $2 billion casino-resort complex in Manila.

Universal is majority owned by Japanese billionaire Kazuo Okada and his son, through a family trust.

Part of the deal involves Robinsons Land acquiring a majority stake in unlisted Eagle Land Holdings Inc, which owns the site for the resort.

Universal said Robinsons Land will take on the commercial and residential development, including a budget hotel, at the Manila Bay Resorts complex which is set to open in 2014.

Universal did not disclose the value of the deal, which will be concluded on January 31

Robinsons Land, with a market value of $2 billion, is the property development arm of conglomerate JG Summit Holdings Inc (JGS.PS).

Reporting by Rosemarie Francisco; Editing by Erica Billingham

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