By Zinnia B. Dela Peña (The Philippine Star) Updated July 26, 2010 12:00 AM
MANILA, Philippines - High-end leisure estate firm Belle Corp. is in talks with three foreign casino operators to be its partner for its first major foray into the high roller gaming market.
Belle vice-chairman Willy Ocier said the the company is taking its time to find a suitable partner for its planned P14-billion casino complex along Manila Bay on Roxas Boulevard.
“We have so many offers from competing entities so we are taking our time. We are still shopping for the best deal,” Ocier said.
Ocier said he is hopeful a deal can finally be concluded next month.
Harrah’s Entertainment – the world’s largest casino – was earlier reported to be one of those entities that have expressed interest to team up with Belle for the multi-billion peso casino complex.
Publicly-listed Leisure & Resorts World Corp. will help Belle run the casino as the holder of the management contract for the gaming component of the project.
LRWC has extensive experience in the gaming business with its technology-aided online gaming operations in the Cagayan Special Economic Zone as well as several bingo parlor operations in malls.
Belle’s entry into the gaming market was formalized last year when it acquired Premium Leisure and Amusement Inc. from SM Commercial Properties Inc.
The PLAI holds a franchise from the Philippine Amusement and Gaming Corp. for the operation of a casino complex in the 800-hectare Bagong Nayong Pilipino Manila Bay Entertainment City.
Together with the SM Group, Belle has committed to inject $1 billion into the project over a 25-year period.
The SM Group, on the other hand, will provide the entertainment facilities which include hotels, a sports arena, museum, and an oceanarium.
The first phase of the project, which will include the casino and some VIP suites, will require an investment of P4.5 billion, excluding the cost of land and the gaming franchise. The casino is targeted for opening by end-2011.
Aside from its real estate projects, which include its crown jewel Tagaytay Highands, Belle also generates earings from Pacific Online Corp. the exclusive online lottery systems provider in Visayas and Mindanao, as well as from upscale property firm.
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