By Jenniffer
B. Austria | Posted on Apr. 23, 2013 at 12:01am |
[
manilastandardtoday.com ]
Belle Corp.
is expanding the site of its casino project at Entertainment City by acquiring
another 10 hectares from state-owned Philippine Amusement and Gaming Corp. and
other private landowners in the area.
Belle deputy
head for casino operations Armin Santos said in an interview following the
annual stockholders’ meeting the company would allot a portion of its
programmed casino investment for acquisition of additional land in
Entertainment City.
Santos said
Belle had expressed interest to acquire another 10-hectare lot from Pagcor. The
government gaming agency, however, has yet to give its nod.
Santos said
the company would spend roughly $700 million for phase 1 and 2 of Belle Grande
Manila, which was scheduled to open sometime next year.
The company
earlier committed to invest at least $1 billion for the integrated resort and
casino complex based on its agreement with Pagcor.
Santos said
the company might spend the remaining $300 million for land acquisition for
possible expansion.
Belle Grande
is located on a 6.2-hectare property with a gross floor area of 300,000 square
meters. This will include 20,000 square meters of gaming space, six hotel
towers with a total of 950 rooms and a number of high-end bars and restaurants.
Phase 2 will
include high-end retail establishments and family entertainment center.
“We believe
that Belle Grande will become a Metro Manila landmark upon its grand opening in
2014, which would further cement Belle’s status as a leader in world-class
luxury,” Belle president Rogelio Cabunag said in a speech during the
stockholders’ meeting.
Belle chief
finance officer Manuel Gana said the company was expected to earn $35 million
in annual rental income to be paid by Melco group from the casino operations.
This is on top of the 50-percent share in the gaming revenues from the casino
project.
The company
also expects 90 percent of its revenues to come from casino venture and the
remaining 10 percent from property development.
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