Hyatt Hotels & Resorts and Melco Crown (Philippines) Resorts Corp confirmed on Tuesday a hotel management agreement for Hyatt City of Dreams Manila.
The venture will be housed in two towers of the US$1.26 billion resort. The property is being developed jointly by Philippines company Belle Corp – controlled by the family of Filipino-Chinese entrepreneur Henry Sy – and a unit of Melco Crown Entertainment Ltd, co-chaired by Lawrence Ho Yau Lung.
Armin Santos, executive vice president, integrated resorts, for Belle Corp, confirmed to GGRAsia during the Global Gaming Expo (G2E) Asia 2014 last month that the partners’ aim is to open City of Dreams Manila in October to coincide with China’s Golden Week holiday.
In earlier filings to the Philippine Stock Exchange, Melco Crown Philippines had simply said it was aiming to open the property “in 2014”.
According to a filing to the Hong Kong Stock Exchange by Melco Crown in October 2012, one of its units – MCE Leisure – will be entitled to retain all profits from non-gaming operations at City of Dreams Manila. Melco Crown must share gaming revenue with its local partner.
“Hyatt City of Dreams Manila will represent an important milestone for us as we look to further build brand loyalty in locations where our guests are frequently travelling,” said Ratnesh Verma, senior vice president, real estate and development, Asia Pacific, Hyatt Hotels & Resorts.
A hotel under the Hyatt branding already operates at City of Dreams in Macau (pictured).
“…we believe Hyatt City of Dreams Manila will attract business leisure travellers, as well as meeting and incentive groups, from across the region,” said Clarence Chung Yuk Man, chairman and president of Melco Crown Philippines.
Melco Crown Philippines said the Hyatt would feature 365 guestrooms, two food and beverage areas, a fitness centre, VIP lounge and outdoor swimming pool.
Melco Crown has previously announced the six-tower Manila property will have an approximately 260-room Crown Towers hotel, using the branding of the Australian Melco Crown partner Crown Resorts Ltd. It will also have a Nobu Hotel – the first in Asia – taking advantage of the brand recognition globally of Japanese chef Nobu Matsuhisa and Nobu’s brand ambassador, Oscar-winning actor Robert De Niro, who is also a shareholder in Nobu Hospitality LLC according to a company announcement in March.
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”We expect Goa to quickly become a US$1 billion market as it transitions to land-based casinos (from US$150 million today), which is still just a fraction of India’s total GGR potential of US$10 billion to US$17 billion”
Analyst at Union Gaming Securities Asia