MANILA, Philippines - Belle Corp., the entertainment and gaming company spearheading development of a US$1-billion integrated entertainment resort complex in Manila, and its partner, Leisure Resorts World Corporation (LRWC), has named Macau-based Galaxy Entertainment Group its partner to handle the casino operations of the project.
About a month ago, Belle and LRWC refused to name the Macau entity it was in negotiations with but said talks were underway with a potential operator with experience in casino operations. Earlier negotiations with Las Vegas-based Harrah's Entertainment fell through after both parties failed to agree to financial terms of the partnership. The no-deal with Harrah's led Belle and LRWC to Macau to look for a potential partner that resulted in talks with Galaxy Entertainment Group.
Galaxy Entertainment Group is a Hong Kong-listed company that operates hotels and casinos in the gaming enclave of Macau. It owns the StarWorld Hotel and Casino and three CityClub Casinos on Macau, and one CityClub Casino within the Grand Waldo Hotel on the Cotai Strip.
With Galaxy's entry to the project, Belle Corp. and LRWC are confident that their target soft-opening by the fourth quarter of 2011 will be feasible.
Belle Corp. and LRWC plans to put up a two to three-storey edifice that includes the Galaxy Casino facility before working on hotel rooms and villas for high-rollers. The casino complex will house some 100 VIP suites and will feature 1,500 slot machines and 250 gaming tables.
Aside from the casino complex, the more than 200,000 square-meter project is envisioned to be an integrated entertainment hub with hotels, retail outlets, theaters, and other recreational facilities. The group has also recently signed a Php 5.6 billion (US$127.56 million) loan facility with the Philippines' largest bank, Banco de Oro to fund the construction of the casino complex.
Source: Manila Bulletin
Date: December 28, 2010
