Universal Entertainment terminates the sale of land near Okada Manila

Posted: Apr 07, 2021 12:11 Category: Asia , Land-Based , Posted by Content Team

The company has  decided to break off the agreement since the Philippine government announced new counter measures in lieu of the rising COVID-19 cases

The Japanese gaming conglomerate – which operates the Okada Manila casino – has announced it has terminated the proposed sale of a plot of land near Okada Manila in the Philippine capital, Manila following the Philippine government’s decision to restrict the entry of foreign visitors.

The company said it planned to sell 36,610 square meters (394,000 sq feet) of land near Okada Manila for the value approximately amounting to PHP13.18bn (US$271.6 million, at current exchange rates).

The land sale was by Eagle I Landholdings Inc. – an affiliate of Universal Entertainment – in which the latter group holds 40 percent interest.

Despite the company having a prospective buyer, it has decided to break off the agreement since the Philippine government announced new countermeasures in lieu of the rising COVID-19 cases.

Universal entertainment okada ManilaIn Tuesday’s statement, Universal Entertainment said: “The two parties were looking into agreeing […] However, in response to the new threat of coronavirus variants as well as the spread of COVID-19, the Philippine government decided to continue restricting the entry of foreign nationals into the country, and it was difficult to negotiate the extension of the [settlement] period as there was no prospect of resuming economic activities in the future.”

Okada Manila has confirmed that Metro Manila casinos have shut operations following the introduction of stricter restrictions as a countermeasure to the spread of the pandemic. The government also imposed a ban on entry for foreign travelers from March 20 to April 19 last month.

The country is struggling to contain a new surge in COVID-19 infections, with 10,225 new infections reported on average each day. That’s 98% of the peak — the highest daily average reported on April 4.

Early March, Okada Manila received the prestigious  five-star rating from Forbes Travel Guide’s (FTG) 2020 Star Awards, for the second consecutive time!

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