Monday, April 14, 2008 [ philstar.com ]
SM Investments Corp., the listed holding firm of the family of retail tycoon Henry Sy, may likely team up with leisure property developer and gaming firm Belle Corp. to build a casino-hotel within the 40-hectare reclaimed land along Manila Bay, sources said.
SMIC is one of the four entities whose project proposal for the Manila Bay Tourism City was recently approved by the Philippine Amusement and Gaming Corp. (Pagcor).
Sources said SMIC would build the hotel within the reclaimed prime land while Belle would put up the casino facilities. The project will cost at least $1 billion.
Under the terms of reference for the development of Pagcor’s Tourism City, companies intending to apply for licenses to run casino-entertainment complexes must submit proposals with a minimum project cost of $1 billion, consisting of both equity and debt.
Applicants who wish to own the land must be 60 percent Filipino-owned.
Belle is controlled by the Sy family of the SM Group of Companies.
SMIC has signed a management agreement with Singapore-based Carlson Hotels Worldwide Asia-Pacific for the construction of two hotels within the SM Mall of Asia complex on Roxas Boulevard. The two hotels will be under the brand names Radisson and Regent.
The Radisson hotel will offer 500 rooms while the Regent will have 80 large suites, including a 400-square-meter presidential suite. The two hotels will have first-rate amenities, such as business centers, swimming pools, fine-dining restaurants and extensive function facilities.
The SM group is expected to spend P2.4 billion for the project, with an expected completion date in late 2009.
Also to be built within Mall of Asia is a 150-room Microtel Inns and Suites.
The three others that will take part in the development of the multi-billion dollar Las-Vegas-style casino and tourism complex are Malaysian conglomerate Genting Group, Aruze Corp. of Japan, and Bloombery Investment Ltd. of Australia. They will be investing between $1 billion and $3 billion each in their respective projects, spread over a period of three to five years.
Once completed, the Manilay Bay Tourism City is expected to boost foreign tourist arrivals by up to three million individuals annually, and generate over 250,000 jobs.
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