Japanese billionaire Kazuo Okada has confirmed his US$2bn Manila Bay Resorts project in Entertainment City will open on time in 2015, despite a legal dispute with Century Properties Group.
The Okada group stated: “Our construction is progressing according to schedule. Currently, this construction includes the hotel tower and casino floors. We project mass hiring of operational staff during our planned opening in the third quarter of 2015. In connection with the issue on the allegations of Century Properties Group Inc. (CPGI), we regret that the development turned out the way it did. We wish to say that there have been no financial transactions with CPGI and the Okada group.”
Okada’s Eagle I Landholdings and Century Properties are expected to battle it out in court after Okada terminated a deal for Century to be a real estate partner in Manila Bay Resorts.
The Okada group added: “As we have mentioned previously, the investment agreement with CPGI was executed by three parties. Unfortunately, one of the three withdrew from the agreement. Hence, we have no recourse but to stop the negotiations with CPGI. We are always complying with respective laws and regulations both in Japan and in the Philippines. We will not tolerate any semblance of dishonesty in our dealings. Our goal is to contribute to the Philippine economy through our investments in PAGCOR city and generate employment to thousands of Filipinos, during the construction phase and the operational aspect of the project.”