Tuesday, June 17, 2008 [ manilatimes.net ]
Australian gaming and media tycoon James Packer is expected to sign a $1.5-billion deal to build a hotel and casino resort in the Philippines, an official said on Monday.
Dodie King, spokesman for the government-run Philippine Amusement and Gaming Corp., said he expected that the deal will be signed with Packer “within the next few weeks.”
Packer’s resort will form part of a $20-billion project which the Philippine gaming corporation hopes will turn 120 hectares (297 acres) of reclaimed land on Manila Bay into one of Asia’s biggest gaming destinations on par with Macau.
The government corporation, which regulates and issues gaming licenses in the Philippines, unveiled the multibillion-dollar project in April and has attracted interest from around the world.
King confirmed media reports that the Packer deal was being negotiated through Bloomsbury Investments, which has already paid a deposit of $100 million toward a 1,700-room resort and convention complex.
“I cannot say anything at this stage as talks are continuing,” King told Agence France-Presse.
“But we do expect that a deal will be finalized within the next few weeks.”
Four other companies have reportedly expressed interest in the project: Japan’s Aruze Corp., Genting Berhad Group from Malaysia, Star Cruises and SM Investments Corp. of the Philippines.
So far, only Genting has been granted a license to operate a casino.
It is expected that companies investing in the project will spend up to $3 billion each building hotels, casinos, entertainment complexes and a golf course. -- AFP
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