The case, as reported by GGRAsia, involves Manila-based Century Properties Group Inc. and Okada’s Tiger Resort, Leisure and Entertainment Inc. in a $2 billion Marina Bay Resorts currently under construction in Manila.
Hanging over the gambling property is the Philippine requirement that at least 60 percent of a project seeking a casino license must be owned by Filipino citizens.
In a deal that originated in October, 2013, Century Properties would have been a 36 percent owner of Eagle 1 Landholdings Inc. Apparently, the deal fell through last spring and Century Properties Group Inc. sought a court order stopping some Okada companies from terminating its casino involvement.
Century told GGRAsia that in a July 25 ruling, “the court ordered the issuance of an injunction prohibiting the Okada group from giving effect to the termination of the agreements’ with Century Properties. That was the information passed along by Century to the Philippine Stock Exchange last week.
The court order reportedly blocks Okada’s parties from “dealing with any party with respect to any sale, disposition or original issuance of any class of the shares of stock of Eagle 1, the company that owns the site on which the casino is being built.
According to the news report, GGRAsia sought out Tiger Resort, Leisure and Entertainment Inc. for a comment regarding Century’s court ruling claim but was told there would be none.
Okada’s casino license, one of four issued by the Philippine Amusement and Gaming Corp. (Pagcor), was challenged last year because of allegations of bribery payments being made to secure a license.
Part of those allegations became the focus of charges made by Wynn Resorts Ltd. officials when the board of directors decided to redeem Okada’s 20 percent ownership of company shares with a 30 percent share price discount.
Okada has been suing to have his WYNN investment returned to him.
Source: Gaming Today
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