Macau-based casino operator Melco Crown Entertainment is to operate a casino resort in the Philippines following a deal signed with SM Investments, Belle Corporation and PremiumLeisure and Amusement.
The project, which will be licensed as part of the major casino resort programme currently being undertaken in Manila, will be constructed by Belle and leased to Melco’s subsidiary, MCE Leisure. MCE Leisure’s total investment in the project up to its opening is expected to be $600m.
Lawrence Ho, co-chairman and CEO of Melco (pictured), described the deal as a “key milestone” in realising its Philippines venture. “We are confident that this project will not only move us closer towards realising our vision of becoming one of the leading gaming companies in Asia, but will also provide us with a platform for further expansion in Asia,” he said. “With our strong foothold in Macau and experience in developing and operating world-class integrated entertainment resorts, such as City of Dreams, we are perfectly positioned to add a new dimension to the gaming and entertainment industry in the Philippines, enabling us to benefit from the anticipated growth in the leisure and tourism industry.
“We believe the Philippines is well placed to take advantage of the increasingly affluent and growing Asian middle class who continue to seek new travel destinations and experiences throughout Asia.”
PAGCOR has issued four licences for the Entertainment City project, including one to Kazuo Okada’s Universal Entertainment Corp.
The state-run gaming operator and regulator requires each licence holder to commit at least $1bn in developing gaming facilities.
