According to a filing with the Japanese Stock Exchange, Universal Entertainment Corp has sold it’s entire 40% stake in Eagle II Holdco Inc, to Filipino firm All Seasons Hotels & Resorts Corp for $2.9 million. The sale was reportedly completed in January. The owner of All Seasons is Antonio Cojuangco, a Philippines businessman and relative of the country’s president.

The Manila Bay Resort is far behind schedule and last week the government casino regulator Philippine Amusement and Gaming Corp (Pagcor) made Kazuo Okada’s Tiger Resorts Leisure and Entertainment Inc give up a $2.2 million guarantee payment and made noises about suspending the permit if delays were not rectified imminently.

One reason the project may be behind schedule is that Okada has had trouble rounding up investors for the Entertainment City project. Foreign firms may not own more than 40% of the land for a project and the Philippine Department of Justice had issued an opinion in 2012 that Universal did effectively own a portion in excess of what is allowed.

Pagcor has indicated that they would not allow the casino to enter into operations until the land ownership issue is resolved.

Last week it was announced that Century Properties Group Inc. would drop a lawsuit against Universal. An earlier agreement would have given Century a 36% stake in Eagle I Landholdings Inc.

The stake in Eagle II Holdco Inc sold by Okada matters because Eagle II currently owns 60 percent of Eagle I Landholdings Inc. Eagle I is the owner of the lot where the casino is being built.

Earlier this week it was announced that Tiger Resorts had identified a new local enterprise to partner with for the development. It is yet to be confirmed if Cojuangco’s All Seasons Hotels & Resorts Corp is that partner.

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