Macau’s Melco plans Manila integrated resort
Macau-based casino operator, Melco Crown Entertainment has signed a deal to develop a new integrated resort in the Philippines.
The Memorandum of Understanding (MoU), signed on Thursday between Melco’s subsidiary MPEL Projects Limited, Manila-based SM Group, the Belle Corporation and Premium Leisure & Amusement Inc, will see the launch of a major new hotel and casino, retail and entertainment complex in Manila.
The Philippine Amusement & Gaming Corporation (PAGCOR) has issued a provisional license for the US$1 billion development. MPEL will contribute US$850m of this.
“Agreements [have been signed] for the leasing, development, operation and management of certain parcels of land located in Aseana Boulevard, Macapagal Avenue, Paranaque City, Philippines, including the further development of the building structure and shell of a grand casino and hotel complex into a world-class casino, hotel, retail and entertainment complex,” Melco said in a statement.
The Manila project will be the Melco’s first development outside Macau.