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Universal Entertainment cancels sale of land close to Okada Manila

Universal Entertainment has cancelled a deal due to the impact of Covid-19 countermeasures.
Universal Entertainment has cancelled a deal due to the impact of Covid-19 countermeasures.

The Japanese gaming conglomerate, which operates the Okada Manila casino, has abandoned the proposed sale after the Philippine government decided to restrict the entry of foreign visitors.

The Philippines.- Universal Entertainment Corp has announced it has cancelled the intended sale of a plot of land close to the Okada Manila casino resort and will negotiate with other potential buyers.

The company planned to sell 36,610 square metres (394,000 sq feet) of land near Okada Manila for approximately PHP13.18bn (US$271.6m).

It had a prospective buyer but has decided to terminate the agreement after the Philippine government announced new countermeasures following a rise in Covid-19 cases,

Universal Entertainment said: “The two parties were looking into agreeing […] However, it was difficult to negotiate the extension of the [settlement] period as there was no prospect of resuming economic activities in the future.”

Pagcor confirms casino closure in Metro Manila

The Philippine casino regulator has confirmed that Metro Manila casinos have closed their doors due to a rise in Covid-19 cases.

The Philippines Department of Health has reported 9,296 new cases of Covid-19 in the last 24 hours. The country ha reported 124,680 active cases.

Hospitality, gaming and retail operations will be closed temporarily until April 4 and foreign visitors are allowed to enter the country until April 19.

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