Albee Benitez gaming firm unloads interest in City of Dreams Manila, stands to gain P5.09B
Leisure & Resorts World Corp. (LWRC) will receive P5.09 billion for relinquishing its interest in the gaming operations of City of Dreams Manila to Bilyonaryo Henry Sy-led Belle Corp.
In a stock exchange filing, LRWC said it signed a new agreement with Belle which would allow it to fully realize its participation in City of Dreams Manila.
Controlled by the family of Negros Occidental Rep. Albee Benitez, LRWC has a 30 percent share of Belle’s earnings from the leasing of commercial space as well as a piece of casino earnings from City of Dreams Manila by virtue of an agreement signed in March 2013.
Under a new agreement, Belle will pay the LWRC group a total of P5.09 billion, with P1.018 billion paid upon signing and the balance at the end of March 2017.
?The proceeds from the transaction are intended to be utilized by the LRWC group on its core businesses,? the listed gaming firm said.
The March 13, 2013 agreement will be deemed terminated upon closing of the transaction in March next year, LRWC added.
LWRC originally was supposed to lease the premises from Belle but failed to deliver on its commitments.