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City of Dreams opens to punters this weekend

Posted on December 10, 2014 11:07:00 PM

THE LOCAL UNIT of Macau casino giant Melco Crown Entertainment Ltd. yesterday announced that City of Dreams Manila will open its doors to punters this weekend for a sneak peek of its gold-turreted casino-resort in state-run Entertainment City, before a grand launch early next year.
                                          
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AN ARTIST rendition of integrated casino City of Dreams Manila -- CITYOFDREAMS.COM.PH

In a disclosure to the Philippine Stock Exchange, Melco Crown (Philippines) Resorts Corp. said it received on Tuesday a “Notice to Commence Casino Operations” from the Philippine Amusement and Gaming Corp., the country’s casino regulator.

The 6.2-hectare project, operated by Melco’s wholly owned indirect subsidiary MCE Leisure (Philippines) Corp., will commence operations on Dec. 14.

A grand opening is scheduled before Chinese New Year in 2015, which falls on Feb. 19.

The company is the local unit of Macau-based Melco Crown. The parent company is controlled by Australian media mogul James Packer and billionaire Lawrence Ho, son of Macau gambling industry legend Stanley Ho.

City of Dreams Manila is a joint venture with SM Group’s Belle Corp. located in Parañaque City. It will have
entertainment
, hotel, and retail components, while its gaming space will include 380 gaming tables, 1,700 slot machines, and 1,700 electronic table
games
.

The casino will be bringing in Singapore’s Pangaea luxe lounge and Japanese restaurant Nobu, among others.

The integrated casino will be the second of four to open in Entertainment City along the Manila Bay.

Bloomberry Resorts Corp. of port magnate Enrique Razon opened the first phase of its $1.2 billion Solaire Resort & Casino last year.

The two other licensees in the 100-hectare Entertainment City are Resorts World Bayshore of Travellers International Hotel Group, Inc. -- which is a partnership of tycoon Andrew L. Tan and Genting Hong Kong Ltd. -- and Tiger Resorts and Entertainment, Inc. of Japanese casino mogul Kazuo Okada.

On June 18, Melco Crown Philippines said its board has approved a 32% increase in the project’s budget, to P37 billion from P28 billion.

On Wednesday, shares in the company lost 10 centavos or 0.76% to end trading at P13 apiece. -- Daphne J. Magturo          

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