Megaworld investing US$261mln in Manila condos, casino
Megaworld Corp, part of Philippine conglomerate Alliance Global Group Inc, which is a backer of casino business in that nation, is to invest PHP15 billion (US$261.3 million) in a 3-acre (1.2-hectare) “Winford Resort” in Manila with “residential condominiums, hotels, and commercial developments with a casino complex”.
Monday’s filing to the Philippine Stock Exchange did not clarify whether the development would require its own provisional gaming licence from the Philippine Amusement and Gaming Corp (Pagcor).
The scheme for Metro Manila (pictured) would be in the San Lazaro Tourism and Business Park, said Megaworld.
A “commitment to revive the old beauty of Manila” would be “apparent” in the planned “designs of the commercial developments of this community,” said Wilson Sy, first vice president and head of sales and marketing, Megaworld Manila, as cited in Monday’s filing.
A gaming property called the Winford Hotel and Casino – operated by a subsidiary of the Manila Jockey Club Inc – opened at San Lazaro Tourism and Business Park in April 2017. Megaworld earlier this year purchased from Manila Jockey Club Inc, the land where the existing casino hotel is located.
Alliance Global is already an investor – via Travellers International Hotel Group Inc – in Newport World Resorts, a casino complex at Newport, close to Manila International Airport.
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