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Australian gaming and media tycoon James Packer is expected to sign
a $1.5-billion deal to build a hotel and casino resort in the
Philippines, an official said on Monday.
Dodie King, spokesman for the government-run
Philippine Amusement and Gaming Corp., said he expected that the
deal will be signed with Packer “within the next few weeks.”
Packer’s resort will form part of a
$20-billion project which the Philippine gaming corporation hopes
will turn 120 hectares (297 acres) of reclaimed land on Manila Bay
into one of Asia’s biggest gaming destinations on par with Macau.
The government corporation, which regulates and
issues gaming licenses in the Philippines, unveiled the
multibillion-dollar project in April and has attracted interest from
around the world.
King confirmed media reports that the Packer
deal was being negotiated through Bloomsbury Investments, which has
already paid a deposit of $100 million toward a 1,700-room resort
and convention complex.
“I cannot say anything at this stage as talks
are continuing,” King told Agence France-Presse.
“But we do expect that a deal will be
finalized within the next few weeks.”
Four other companies have reportedly expressed
interest in the project: Japan’s Aruze Corp., Genting Berhad Group
from Malaysia, Star Cruises and SM Investments Corp. of the
Philippines.
So far, only Genting has been granted a license
to operate a casino.
It is expected that companies investing in the
project will spend up to $3 billion each building hotels, casinos,
entertainment complexes and a golf course.
-- AFP
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