Universal Entertainment’s Philippine unit is in talks with local partners to complete its resort development in Manila, local media cited Philippine Amusement and Gaming Corp Chairman Cristino Naguiat as saying. The regulator also reiterated that the $2 billion project will not be allowed to open if it fails to comply with Philippine laws limiting foreign ownership of land.
A foreign investor is only able to hold 40 percent of the land in a joint venture, with the remainder to be held by locals. The resort, being built by Universal’s Tiger Resorts Leisure and Entertainment unit, is scheduled to open in the Entertainment City complex in March next year. Naguiat gave no further details on the talks or potential partners.
Last year, the group ended a partnership with Century Properties Group Inc. after First Paramount Holdings 888 Inc., another party to the transaction, backed out of the deal.