MANILA: Japanese gambling tycoon Kazuo Okada has teamed up with the family of Philippine billionaire John Gokongwei for a billion-dollar casino project in Manila, the local partner said Thursday.
Robinsons Land Corp., a Gokongwei-controlled developer, said it would take a minority stake in an Okada firm that owns a gaming franchise in the Philippine government's giant Entertainment City complex along Manila Bay.
Under the deal with Okada's Universal Entertainment Group, Robinsons Land said it would also purchase a majority stake in a company that owns land at Entertainment City.
The listed Filipino developer did not disclose the total value of the deal, which it said was still "subject to comprehensive due diligence and the signing of definitive agreements in the near future".
Universal Entertainment holds one of four licences handed out by the Philippine gaming regulator Philippine Amusement and Gaming Corp. (Pagcor) to build a casino worth at least $1 billion each at Entertainment City.
Of the other franchises, one involves Australian billionaire James Packer, Macau gambling tycoon Lawrence Ho and a firm held by the family of shopping mall magnate Henry Sy, the Philippines' richest man.
The first of the franchise holders, a firm controlled by Philippine shipping billionaire Enrique Razon, is scheduled to open its casino in March next year.
Forbes magazine lists the Gokongwei family, which is also into aviation, banking, and food manufacturing, as the fourth-richest in the Philippines with a net worth of $3.2 billion.
The Okada project was roiled in controversy earlier this year when the Japanese businessman was sued in the United States by American partner Steve Wynn in a case involving their casino businesses in Las Vegas and Macau.
Philippine President Benigno Aquino in February ordered an enquiry into Wynn's allegations that Okada's men gave illegal gifts to top Pagcor officials amid the Japanese man's pursuit of a Manila casino licence.
Pagcor chief Cristino Naguiat has admitted getting free accommodations for himself and his family at a Macau casino jointly owned by Okada and Wynn, but insisted it was an industry-wide practice that violated no law.
The government has yet to announce the result of the investigation. (AFP)
