Caesars Told It Would Need To Invest $1.5B In ManilaU.S.-Based Casino Operator Looking At Casino In Philippines |
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Caesars has billions in debt, but it’s looking to build a casino in the Philippines. According to Retuers, the firm must invest at least $1.5 billion in a project there, which is up $500 million from a previous requirement.
The government wants a substantial investment from firms looking to gain access to the gaming and leisure complex known as Entertainment City in the capital Manila.
It’s widely regarded as one of the world’s up-and-coming casino markets.
“If we bring in something new, it has to add value to the development of Entertainment City,” an insider told Reuters. “They will be facing new terms of reference—the new investors.”
The report added that firms looking to gain entry would have to look for parcels of land on their since the government does not have any more available land to offer.
Earlier this year, an Australia-based casino developer upped its investment in Manila to $1 billion to meet the demands of the government at that time.
Caesars doesn’t have a presence in Macau, so a casino in Manila would be a good bet.
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