Major players in the Asia gambling market have joined forces and signed a conditional deal to develop a $1 billion casino-hotel in Manila. Macau casino Melco Crown and Philippine leisure firm Belle Corp’s new project will bring together some of Asia’s largest tycoons.
Australian billionaire James Packer and Hong Kong businessman Lawrence Ho own Melco Crown and the duo will be teaming up with the wealthiest man in the Philippines, Henry Ty, who controls Belle Corp, to develop a massive gaming complex. While the deal is still approximately two months away from being finalized, once it goes through it will represent the first time Melco ventures into the Philippines as opposed to Macau. The involved parties are waiting for final approval to build the casino resort.
According to Melco representatives, “The expansion into new jurisdictions where the company expects strong returns on capital will further diversify the company’s exposure in Asia.”
Melco is reportedly investing around $580 million in cash, cash flow and debt financing to help fund the casino hotel, while a loan facility of $320 million is also being discussed to help fun the project.