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:
- 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.
(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