Manila – Three foreign companies have been approved to take part in a USD 15-billion Las Vegas-style casino and tourism complex in the Philippine capital, it was announced Thursday.
The project, which will incorporate casinos, luxury hotels and a golf course, will cover 90 hectares (222 acres) of reclaimed land on Manila Bay.
The firms are Aruze Corp. of Japan, Genting Berhad Group of Malaysia (the parent company of Star Cruises), Bloombery Investments Ltd. of Australia. The local party will be SM Investments Corp. of the Philippines.
The project will form part of the new Manila Bay City development being launched by the state-owned Philippine Amusement and Gaming Corporation’s (PAGCOR).
Efraim Genuino, PAGCOR‘s chairman and chief executive, said the four companies had committed to invest between USD 2 and USD 3 billion each in the project.
„We found the project concepts of the four groups most acceptable. We require a certain level of development as well as a minimum investment of USD 1 billion for each project,“ Genuino told local media.
Construction work on the project is expected to start in the third-quarter of this year.