Robinsons breaks off Universal talks

 

Robinsons Land Corp. has ended talks to join with Universal Entertainment Corp. as a partner in the Japanese company’s $2 billion Manila Bay Resorts casino hotel project. The two companies had announced a preliminary agreement last year, but then put off a planned deal signing in January as talks dragged on amid controversy over criminal investigations in the US and the Philippines into allegations Universal had paid bribes to advance the project. Universal is the only foreign gambling company involved in Manila’s Entertainment City gaming complex lacking a local partner and regulators have made it clear that Philippine land ownership rules require it find one.