MANILA (UPDATE) – A statement issued by the richest family of Philippines said that talks for development of a $1-billion casino in Manila were going on with the gambling mogul of Macau, Lawrence Ho and Australian billionaire James Packer. The report by the Australian media regarding the casino plan was confirmed by SM Investment Corp, controlled by the family of Henry Sy. SM Investment Corp senior vice president, Cora Guidote said that talks are just going on and nothing has been finalized as yet.
As reported by the Australian Financial Review, Packer and Ho would initiate a mutual project with Henry Sy Jr. The casino would prove its worth for making Philippine capital as the world’s second gaming destination leaving Singapore and Vegas behind. Though Guidote maintained that no agreement has been finalized, yet the review stated that Ho and Packer were to ink the deal in Manila that would be published this week itself.
Licenses have been granted by Philippine Amusement & Gaming Corp., the Gaming regulator to Malaysia’s Genting Group and the one supported by Kazuo Okada, the gaming equipment supplier of Japan. The Philippines Government has given one of the four licenses to Sy’s SM group for development of a casino at a cost of at least $1 billion each on Manila Bay, i.e. Entertainment City.
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