Manila challenges Macao with $1.2b casino
The opening of a new casino complex in Manila on March 16 comes as an attempt of the Philippines to emulate the success of the gambling hub of Macao where revenues surged to $38 million in 2012, up 14 per cent over 2011, on strong interest from Chinese, Japanese and South Korean gamblers.
Billionaire Enrique Razon, Chairman and CEO of Manila-listed company International Container Terminal Services (ICTSI), the largest port-handling firm in the country, invested $1.2 billion into the Solaire Manila casino. Razon holds one of four casino licences the Philippines awarded in 2008 and 2009 for the entertainment hub that is close to Manila Bay.
Solaire’s first phase includes an 18,500 square meter gaming area with 300 tables and 1,200 slot machines, seven restaurants and a five-star hotel. The expansion, already under construction, includes more VIP gaming space, a 1,800-seat theater for Broadway shows and 60,000 square meters of retail space. It will also feature 300 suite rooms and more restaurants.
The Philippines is counting on more new casino ventures to boost tourist traffic and cut the jobless rate, which is among the highest in Asia.
2014 will see the opening of another gambling complex funded by the Philippines’ richest Man, Henry Sy, owner of SM Investments, in partnership with Macao-based Melco Crown Entertainment. A venture of Japanese casino mogule Kazuo Okada and a fourth casino by Philippine billionaire Andrew Tan, owner of food and real estate conglomerate Alliance Holding, and Genting Hong Kong are expected to open between 2015 and 2016 in Manila.
The opening of a new casino complex in Manila on March 16 comes as an attempt of the Philippines to emulate the success of the gambling hub of Macao where revenues surged to $38 million in 2012, up 14 per cent over 2011, on strong interest from Chinese, Japanese and South Korean gamblers. Billionaire Enrique Razon, Chairman and CEO of Manila-listed company International Container Terminal Services (ICTSI), the largest port-handling firm in the country, invested $1.2 billion into the Solaire Manila casino. Razon holds one of four casino licences the Philippines awarded in 2008 and 2009 for the entertainment hub...
The opening of a new casino complex in Manila on March 16 comes as an attempt of the Philippines to emulate the success of the gambling hub of Macao where revenues surged to $38 million in 2012, up 14 per cent over 2011, on strong interest from Chinese, Japanese and South Korean gamblers.
Billionaire Enrique Razon, Chairman and CEO of Manila-listed company International Container Terminal Services (ICTSI), the largest port-handling firm in the country, invested $1.2 billion into the Solaire Manila casino. Razon holds one of four casino licences the Philippines awarded in 2008 and 2009 for the entertainment hub that is close to Manila Bay.
Solaire’s first phase includes an 18,500 square meter gaming area with 300 tables and 1,200 slot machines, seven restaurants and a five-star hotel. The expansion, already under construction, includes more VIP gaming space, a 1,800-seat theater for Broadway shows and 60,000 square meters of retail space. It will also feature 300 suite rooms and more restaurants.
The Philippines is counting on more new casino ventures to boost tourist traffic and cut the jobless rate, which is among the highest in Asia.
2014 will see the opening of another gambling complex funded by the Philippines’ richest Man, Henry Sy, owner of SM Investments, in partnership with Macao-based Melco Crown Entertainment. A venture of Japanese casino mogule Kazuo Okada and a fourth casino by Philippine billionaire Andrew Tan, owner of food and real estate conglomerate Alliance Holding, and Genting Hong Kong are expected to open between 2015 and 2016 in Manila.
