The Philippines is becoming an attractive destination for gambling companies to open new casinos as the Philippine government continues to attract foreign investment to the growing gambling industry. This time, Megaworld, a Philippines-based real estate company, will work with Travelers International Hotel Group, a casino company, to establish a special leisure and entertainment town in the entertainment city of Manila Bay. 안전놀이터
The two companies are expected to invest a total of about $1.4 billion to develop more than 76.6 acres bordering Resort World Bayshore. The casino is another new casino under development by Travelers International and is expected to be completed before the end of 2018.
Megaworld is owned by Alliance Global, and Travelers International was founded after the Philippines-based Alliance Global Group Inc. partnered with Genting Hong Ltd., which currently operates a hotel complex and resort world Manila casino located near Manila International Airport.
Megaworld said the new township is expected to be completed by the end of 2020 if everything goes as planned. The new township will be known as Westside City and will consist of a number of VIP apartments, a “grand opera house” that can seat up to 3,000 people, and a luxury shopping mall. The mega project will also comprise a number of premier hotels, including the Okura Manila Hotel at Okura Hotels and Resorts, the Westin Hotel at Starwood Asia Pacific Hotels and Resorts Group, the Kingsford Hotel and the gentting Grand and the gentting group’s Crockford Tower. The entire project is expected to have more than 1,500 luxury hotel rooms.
Andrew Tan, chairman and CEO of Alliance Global and Megaworld, said in a statement, “We are very excited to see Westside City become Manila’s exhibition as a truly global Philippine capital.”
The Philippine government has already received permission to operate four integrated casino resorts in Entertainment City, which it plans to market as a casino zone similar to Macau’s Kotai Streep. Casinos in the Philippines have targeted mass market gamblers in mainland China and have also worked with junket operators to bring in VIP gamblers from mainland China.
Morgan Stanley Research released a report in October showing that casinos’ total gaming revenue is expected to grow by about 8% in 2016, rather than 21% as previously estimated.