On May 14th 2015, Century Properties Group Inc., a real estate company in the Philippines said that it would be terminating a lawsuit against companies controlled by Kazuo Okada, the Japanese gaming entrepreneur. The lawsuit was in relation to Okada’s Manila Bay Resorts, which is still under construction and said to be a $2.3 billion project.
In 2014, Century properties, a Manila listed company, stated that they had obtained a Philippines court order that would stop a set of companies, including Universal Entertainment Corp, from ending a deal to develop the Manila Bay Resorts complex jointly with them.
The Court of appeals set this order aside in March 2015. In April, Century Properties disclosed to the Philippine Stock Exchange that they had filed a notice of arbitration with the Hong Kong International Arbitration Centre.
A recent meeting that Century Properties had with Okada concluded with the matter being settled agreeably.
The initial deal with Century Properties and Mr. Okada that was signed in October 2013 would have seen the developer being a 36% owner of Eagle I Landholdings Inc., which holds the resorts land.
However, according to the country’s constitution and public land laws, only Filipinos or entities that are owed by 60% of Filipino citizens are permitted to own land. Mr. Okada was then left with 40% of ownership.
The resort has suffered a series of delays in opening. This week it was announced that Okada’s Tiger resorts must forfeit a $2.2 million deposit used to secure approval of Manila Bay Resorts in Pagcor’s Entertainment City. Two of four integrated resorts in the development have been completed.