Japanese company cancels agreement for Manila casino

Reuters – Japan’s Universal Entertainment Corp has terminated a deal under which Century Properties Group Inc was to invest in its casino complex on Manila Bay and develop part of the $2-billion project, the Philippine developer said. Century Properties said in a statement it would contest a notice of termination received on Wednesday from the “Okada Group”, a reference to Tokyo-listed Universal Entertainment and other firms controlled by billionaire gaming magnate Kazuo Okada. Century officials said the Japanese group sought changes to terms of the agreement that would have eliminated its exclusive rights for the luxury commercial and residential portion…