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.
(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
The impact of this project on the business performance of the company in the current fiscal year will not be significant. All relevant information required to be disclosed regarding this project shall be released in a speedy and timely manner.
CONTACT: MEDIA CONTACTS: Universal Entertainment Corporation (JASDAQ Code: 6425) Contact: PR&IR OFFICE Nobuyuki Horiuchi, Assistant General Manager Email address:firstname.lastname@example.org Ariake Frontier Bldg, A, 3-7-26 Ariake,koto-ku, Tokyo,135-0063 JAPAN TEL: +81-3-5530-3055 (switchboard)