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Belle rushes $1B casino development

[ ] May 2, 2011
Belle Corp. is moving to raise this year the remaining amount necessary to complete its planned $1 billion casino complex, Belle Grande Manila Bay, as it sticks to its plan to have the complex fully up and running by the end of next year or early 2013.
Belle vice-chairman Willy Ocier said the company has covered the necessary funding for the first phase of the project, which will allow for a soft launch of the casino complex by the second quarter of next year.
"Hopefully by the end of the year, we’re going to make an announcement for it (additional fund-raising)," said Ocier.
Manuel A. Gana, Belle chief finance officer, declined to provide the amount the company intends to raise.
Belle Grande Manila Bay will rise in Pagcor City in Pasay. Belle operates the business through unit Premium Leisure and Amusement Inc.
Belle has tapped local online gaming operator Leisure and Resorts World Corp., to be its operator.
Belle Grande Manila Bay is expected to have between 15,000 and 20,000 square meters of gaming space with a capacity to hold 1,600 slot machines and 300 to 320 tables.
It will also have 6,000 square meters of VIP gaming areas and six hotel towers with 1,000 rooms, divided into three brands.
Ocier said the firm has identified Raintree of the Tiu-led Discovery Brand to manage the luxury suite portion of the hotel which will offer six-star amenities.

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