Universal Entertainment Corp, the largest shareholder in Wynn Resorts, is to invest $2.3bn in a casino project in the Philippines.

Kazuo Okada, chairman of the Japanese pachinko company, said he plans to make casino operations Universal’s "number one" business, Bloomberg reports.

Scheduled to open in 2013, Manila Bay Resorts, he said, will generate £2bn in sales within its first year of operations. The company will then decide whether to open additional properties in Asia.

The Philippines government awarded three other casino licences to develop properties as part of an entertainment district in Manila. Belle Corp, Bloombury Investments and a joint venture between Genting Malaysia and Alliance Global Group have each committed to investing $1bn in the project.