Universal acknowledges error in $25 million payment

 

Universal Entertainment Corp has concluded that a $25 million payment to a consultant with ties to Philippine gaming regulators was unjustified. The Japanese company made the payment to Rodolfo Soriano in 2010 to secure land rights for road access for its planned $2 billion casino project at Manila Bay, but the company had already secured the rights for free the previous year, though that information was kept from its board, the company said in a new statement. Nevada gaming regulators, the US Federal Bureau of Investigation and its Philippine counterpart are probing potential bribery involving the development.