Universal Entertainment Corp says affiliate now planning to develop land near Okada Manila following collapsed sale

Universal Entertainment Corp says affiliate now planning to develop land near Okada Manila following collapsed sale

Article brief provided by Inside Asian Gaming
  • Ben Blaschke, Inside Asian Gaming
March 24, 2023 3:10 PM
  • Ben Blaschke, Inside Asian Gaming
  • Philippines

Japan’s Universal Entertainment Corp (UEC) said Thursday that an equity-method affiliate that owns a 9.4-hectare parcel of land alongside its Philippines integrated resort Okada Manila now plans to develop the land following the collapse of a previously agreed sale.

The update came as UEC revealed it has cancelled a lease on 6.1 hectares of the land in question, owned by Eagle I Landholdings Inc, with the cost saving estimated to see the company’s net income for FY23 double to JPY20 billion (US$153 million). UEC holds a 40% equity share in Eagle I Landholdings.

While it did not reveal details of the planned development, UEC had previously been pursuing a sale of the land parcel to parties it expected to develop major international hotel brands – effectively boosting nearby room capacity for Okada Manila.