Universal Entertainment brings local partners into Manila resort development

Kazuo Okada’s Universal Entertainment has inked a deal to bring two local partners into the development of its Manila Bay Resorts complex at Pagcor Entertainment City, helping it abide by the country’s limits on foreign ownership. 

Under the deal, Century Properties Group and First Paramount Holdings 888 Inc. will co-own Eagle 1,  Landholdings Inc, a Philippine unit of Universal that owns the 44-hectare site. Universal said the deal will mean more than 60 percent of Eagle 1 will be owned by Philippine nationals.