Universal Entertainment Announcement Regarding Conclusion of Basic Agreement
With a Local Partner Regarding the Casino Resort Project "Manila Bay Resorts"
Being Promoted by the Group
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
*The final agreement shall be concluded by January 31 2013.
* About Manila Bay Resorts
The 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
(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
CONTACT: MEDIA CONTACTS:
Universal Entertainment Corporation (JASDAQ Code: 6425)
Contact: PR&IR OFFICE Nobuyuki Horiuchi,
Assistant General Manager
Ariake Frontier Bldg, A, 3-7-26 Ariake,koto-ku,
TEL: +81-3-5530-3055 (switchboard)
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