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Macau gaming firm Melco teams with Philippines' richest man in $1 billion casino project
FILE - In this May 20, 2006 file photo, Henry Sy Sr., left, patriach of the Sy family and chairman of the SM Prime Holdings Inc. sits on the wheel chair as he is escorted by his grandson Hans Sy Jr. right, during the opening of the SM Mall of Asia in suburban Pasay City, south of Manila, Philippines. Macau gambling company Melco Crown Entertainment is teaming up with the Philippines' richest man to develop a $1 billion Manila casino resort in a sign of the industry's plans for rapid expansion in Asia. Melco said late Thursday, July 5, 2012 it will develop the project with three companies controlled by Philippine tycoon Henry Sy. Melco is jointly controlled by Lawrence Ho, who is the son of Macau casino king Stanley Ho, and by James Packer, the son of late Australian media magnate Kerry Packer. (AP Photo/Pat Roque, File)
HONG KONG - Macau gambling company Melco Crown Entertainment is teaming up with the Philippines' richest man to develop a $1 billion Manila casino resort in a sign of the industry's plans for rapid expansion in Asia.
Melco said late Thursday it will develop the project with three companies controlled by Philippine tycoon Henry Sy. Melco is jointly controlled by Lawrence Ho, who is the son of Macau casino king Stanley Ho, and by James Packer, the son of late Australian media magnate Kerry Packer.
Melco has signed an agreement with Sy's investment holding company SM Investments Corp., his property developer Belle Corp. and Belle subsidiary PremiumLeisure and Amusement Inc.
The Philippine casino regulator has already issued a provisional gambling license to the group for the casino, which will include a hotel, shopping and entertainment facilities and will be located in a middle-class suburb on Manila Bay. A regular license will be issued once certain conditions are met.
Melco expects to invest up to $580 million. The Manila project would be the company's first outside Macau, the world's most lucrative gambling market, where it operates two casinos and is developing a third.
High-rolling Chinese gamblers have powered Macau's gambling revenue growth. Last year, the semiautonomous Chinese region raked in $33.5 billion in casino revenue, up 42 per cent over the year before and more than five times the amount on the Las Vegas Strip.
Melco said it wanted to expand in the Philippines because the country is a popular tourist destination and close to major sources of tourists including South Korea, Taiwan, Japan and China.
The company said it wanted to "take advantage of the anticipated growth in the leisure and tourism industries in the Philippines, which will cater to an increasingly affluent and growing Asian middle class who continue to seek new travel destinations and experiences."
Japanese slot machine tycoon Kazuo Okada is also developing a casino resort in Manila.
The Asia-Pacific region will be the world's fastest growing casino market from 2011 to 2015, according to a report last year by consulting firm PricewaterhouseCoopers, which also forecasts that it will overtake the United States next year to become the world's biggest market. PWC forecasts that Philippine casino revenues will more than double to $1.2 billion in 2015 from $558 million in 2010.
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Online: http://www.melco-crown.com
Follow Kelvin Chan at twitter.com/chanman
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