Macau's Melco bets on casino in Manila
Source: Agencies |
July 7, 2012, Saturday
|
Print Edition
Print Edition
MACAU gambling company Melco Crown Entertainment is teaming up with the Philippines' richest man to develop a US$1 billion casino resort in Manila in a sign of the industry's plans for rapid expansion in Asia.
Melco has said it would develop the project with three companies controlled by Philippine tycoon Henry Sy.
Melco is jointly controlled by Lawrence Ho, who is the son of Macau casino king Stanley Ho, and James Packer, the son of late Australian media magnate Kerry Packer.
Melco has signed a deal with Sy's investment holding company SM Investments Corp, his property developer Belle Corp and Belle subsidiary PremiumLeisure and Amusement Inc.
The Philippines' casino regulator has already issued a provisional gambling license to the group for the casino, which will include a hotel and shopping and entertainment facilities, and will be located in a suburb on Manila Bay. A regular license will be issued once certain conditions are met.
Melco expects to invest up to US$580 million. The Manila project would be the company's first outside Macau, the world's most lucrative gambling market, where it operates two casinos and is developing a third.
Japanese slot machine tycoon Kazuo Okada is also developing a casino resort in Manila.
The Asia-Pacific region will be the world's fastest growing casino market from 2011 to 2015, according to a report last year by PricewaterhouseCoopers, which also forecasts that it will overtake the United States next year to become the world's biggest market.
Melco has said it would develop the project with three companies controlled by Philippine tycoon Henry Sy.
Melco is jointly controlled by Lawrence Ho, who is the son of Macau casino king Stanley Ho, and James Packer, the son of late Australian media magnate Kerry Packer.
Melco has signed a deal with Sy's investment holding company SM Investments Corp, his property developer Belle Corp and Belle subsidiary PremiumLeisure and Amusement Inc.
The Philippines' casino regulator has already issued a provisional gambling license to the group for the casino, which will include a hotel and shopping and entertainment facilities, and will be located in a suburb on Manila Bay. A regular license will be issued once certain conditions are met.
Melco expects to invest up to US$580 million. The Manila project would be the company's first outside Macau, the world's most lucrative gambling market, where it operates two casinos and is developing a third.
Japanese slot machine tycoon Kazuo Okada is also developing a casino resort in Manila.
The Asia-Pacific region will be the world's fastest growing casino market from 2011 to 2015, according to a report last year by PricewaterhouseCoopers, which also forecasts that it will overtake the United States next year to become the world's biggest market.
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