TOKYO, Dec. 12, 2012 (GLOBE NEWSWIRE) -- The Universal Entertainment Group hereby announces that today, it has concluded a basic agreement with Robinsons Land Corporation, one of the Philippines' leading real estate development companies, regarding "Manila Bay Resorts," a casino resort complex being developed by the Group. Details of the agreement are as follows:
* Principal terms of the agreement
- Robinsons Land Corporation shall acquire a minority stake in Tiger Resorts, Leisure and Entertainment Inc., the operating company of the project and a wholly owned subsidiary of the Group.
- Robinsons Land Corporation shall acquire a majority stake in EAGLE I LAND HOLDINGS, Inc., the landowner of the project site.
- Robinsons Land Corporation shall be responsible for developing the commercial facilities, a budget hotel and residential facilities in the project.
- The final agreement shall be concluded by January 31 2013.
* About Manila Bay ResortsThe Philippine government is building a massive entertainment city in the metropolitan Manila region as a part of a national project to powerfully promote tourism. Four groups, including our Group, are developing resort complexes in the project area. The casino resort being developed by the Group will be called "Manila Bay Resorts." Besides a world-class casino, the major casino resort complex will boast luxurious hotels, classy restaurants, commercial facilities, a budget hotel, residences, Vegas-style water fountains and an enormous indoor pool with real sand beach covered by a huge glass dome. * About Robinsons Land Corporation
(1) Name: Robinsons Land Corporation (2) Business: Real-estate development, retail trade, department store operations, etc. (3) Location: 43/F Robinsons Equitable Tower, ADB Avenue corner Poveda St., Ortigas Center, Pasig City, Philippines (4) Representative: John L. Gokongwei, Jr., Director, Chairman Emeritus (5) Capital: 4,111 million pesos