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BELLE Corp. may tie up with the SM group for a hotel-casino project
in the Bagong Nayong Pilipino-Manila Bay Integrated Tourism City.
A source familiar with the matter said the
high-end property developer of Tagaytay Highlands and SM Investments
Corp. (SMIC) are in negotiations for the possible partnership
wherein Belle would operate the casino business that will be
integrated into a hotel that the SM group will build.
However, it is not yet clear whether the casino
will operate within one of the hotels that SMIC plans to build or if
it will build a new one within its Mall of Asia (MOA) complex.
Earlier, Tessie Sy-Coson, SMIC vice-chairperson,
confirmed that a casino may be in the works. The holding company’s
estimated $1-billion commitment to state-run Philippine Amusement
and Gaming Corp. (Pagcor) is well under way as it has been heavily
investing in MOA, which will eventually be integrated into the
Bagong Nayong Pilipino project. Pagcor organized the tourism city
project.
SMIC recently engaged hotel services provider
Carlson Hotels Worldwide-Asia Pacific to manage Regent and Radisson
branded hotels the holding company is building within the area on
top of the Microtel Inn that disclosed last year.
Other groups participating in the tourism city
project include Waterfront Philippines Inc. (WPI), which will put up
a hotel and casino together with a Macau-based partner. WPI will
lease five hectares from the government where a 2,500-room The Grand
Waterfront hotel and casino will rise.
Alliance Global Group Inc.’s subsidiary,
Travellers International Hotel Group Inc., and Malaysian partner
Star Cruises Ltd. are also investing $1 billion to build a theme
park, theaters, amusement and cultural centers, retail and a gaming
centers and hotels within the Manila Bay complex. The Genting Group
of Malaysia and the Azure group, the Japanese partner of casino
mogul Steve Wynn, will spend at least $3 billion each.
Both groups aim to start construction by this
quarter and open the facilities to the public within two years.
Pagcor courted investments worth $8 billion for
its tourism city project, including the $1-billion commitment from
Australian Bloomberry group, which plans to build a resort hotel and
entertainment establishments.
-- Likha C. Cuevas-Miel
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