Japanese company to build two casinos in Manila
September 30, 2011
Manila will soon be home to two brand-new casinos and three new hotels and more could follow if the first businesses are successful. Universal Entertainment Corp., the Japanese pachinko company that is also a co-owner of Wynn Resorts, plans to sink 150 billion yen (roughly $2.3 billion) into the construction and opening of five new businesses in the Philippines.
"The sales will start to increase faster after a point in the period of 2014 to 2015," Chairman Kazuo Okada said in a recent interview, according to Bloomberg. "As Asia's economy goes up, it will benefit the casino market."
Currently Universal Entertainment officials are talking to potential investors to garner interest and funding for the large-scale project. The news source reports that $1.6 billion will be spent on the casinos and hotels, and the rest of the funds will be used to fund a residential project.
A few years ago, the Philippines awarded four licenses to operate casinos in a government-run complex, and the agreement requires each license-holder to invest $1 billion over a five-year span.
People who are interested in the developments of the casino and hotel projects can use an international calling card to make calls to the Philippines to talk to their friends and families about the advances being made in Manila.
You Might Also Like...
- Glee star Charice Pempengco loses father in tragic murder
- Spain's Queen Sofia will visit the Philippines in July
- Former Philippines first lady's belongings ruined by storms, termites
- Philippines court stops mall construction in favor of trees
- World's seven billionth member born in the Philippines on Halloween