Universal Entertainment's Opinion on Certain Media Coverage
TOKYO, July 16, 2013 (GLOBE NEWSWIRE) -- Our vision has always been to create
a fully integrated resort of hotels, casino and shopping center where our
property alone can impact the Philippine economy by creating 15,000 new job
opportunities for the country.
In 2007, our company received the proposal for the Pagcor Entertainment City
in Manila Bay. We submitted our bid and plan for our project.
Being a foreign company, we were not yet familiar with Philippine government
laws and ordinances so we sought out legal counsel to guide our planning and
development from the largest and most prominent law firm in the Philippines.
In 2008, as per Philippine law, land was acquired in Manila Bay based on the
advice of our legal counsel. In a comment, by the law firm's managing partner,
in reaction to the NBI investigation, they confirm their position that these
transactions were "legitimate and lawful."(The Philippine Star, Tues. July
In 2010, The Office of The President of the Philippines presented a new
interpretation to the Grandfather Rule of foreign real property ownership
We have cooperatively been working with the OGCC since 2012, and as they had
advised we have until the completion of the development to resolve the land
issue. Hence, based on this recommendation we have since sought ways to find
an amicable resolution to the problem. Currently, we are already in the final
stages of negotiations to secure potential local partners and finding a
conclusion to the ownership of land.
We cannot help but speculate and express concern if there is any direct
influence from our civil litigation against Wynn Resorts or the U.S. Federal
We will continue to develop our dream of a fully integrated resort in Manila
Bay that will not only create 15,000 stable jobs for the country but together
with the Philippine people, attract international recognition and guests from
all over the world.
CONTACT: MEDIA CONTACTS:
Universal Entertainment Corporation (JASDAQ Code: 6425)
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)
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