Firm Ups Investment In Manila Casino ProjectMelco Crown Entertainment To Spend $680 Million |
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The Wall Street Journal reported that Melco Crown Entertainment has upped its planned investment for a casino-resort complex in the Philippines to $680 million. That figure is up from the original $500 million pledged by the group in its 50-percent stake in the project.
The government of the country mandated a $1 billion investment.
The casino will be called “City of Dreams Manila.”
“It keeps going up. Our most recent number is $680 million because [Philippine Amusement and Gaming Corp.] will allow us more [gaming] tables…and we keep finding great brands,” the firm’s Chief Executive Lawrence Ho told reporters on Monday.
City of Dreams Manila is slated to open during the middle of 2014 and will have 365 gaming tables, 1,680 slot machines and 1,680 electronic table games.
The development is part of a plan by the government to transform Manila Bay.
Melco Crown has partnered with Filipino billionaire Henry Sy for the project.
According to the report, the Philippine Amusement and Gaming Corp. said it expects five such casino complexes to be in operation in “Entertainment City” by 2016.
The first casino in the city — Solaire Manila — opened in March of last year.