The Australian gaming and media tycoon, James Packer, is expected to sign a $1.5 billion USD deal to build a new hotel and casino resort in the Philippines.
The governing body for casinos in the Philippines – the Philippine Amusement and Gaming Corporation, or PAGCOR, expects that the deal will be signed by Mr Packer within the next few weeks.
The resort will be a part of a $20 billion USD project which is being planned by the gaming corporation. The project will convert 120 hectares of reclaimed land, mostly in Manila Bay, into one of the biggest gaming destinations in Asia, and will create thousands of jobs in the process.
The deal is a joint venture with Lawrence Ho Yau Lung, and there are several other companies interested in investing, including the Japanese Aruze Corporation, the Genting Group and Star Cruises (from Malaysia) and the Philippines based SM Investments company. So far, Genting Group is the only one that has been granted a license to operate a casino.
It is hoped that the new gaming resort will rival the nearby Macau resort, and revitalise that part of the Philippines. Some reports indicate that the new resort will include a 1,7000 hotel and a convention complex.
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