Caesars Entertainment wants to build a casino in Manila
The US group Caesars Entertainment has just met the Philippine President Benigno Aquino to present a draft for a casino complex in the country.
The operator from Las Vegas is eager to enter the Asian market, and proposes to build a hotel-casino in Manila worth one billion dollars.
In fact, Steven Tight, the president of Caesars Entertainment regrets that no major international brand of the gambling sector is present in the Philippine capital yet.
For this reason, the group intends to do something about it by filling this gap, which would also consequently boost tourism.
1.5 billion dollars minimum investment
The chairman of the regulatory authority Philippine Amusement and Gaming Corporation (PAGCOR), Christino Naguit, has expressed his interest in the proposal of Caesars Entertainment.
However, he says that an investment of $1.5 billion would be needed.
In fact, the agency is also in negotiations with other international operators who are also seeking to enter the Philippine market.
Because of this, the current limit of $1 billion had been increased by 50%.
The four establishments in the country
The Philippines had already awarded four gaming licenses for the construction of casino complexes in 2008 and 2009. The Solaire Resort and Casino, owned by the Bloomberry Resorts, was the first, and it remains the only establishment to have opened doors at this time.
Dreams Manila, which is a joint venture between Belle Corp. and Melco Crown, is scheduled to open this year.
Tiger Resorts of Kazuo Okada is to be inaugurated in Manila Bay next year.
The opening of Resorts World of the Genting group has been delayed until 2018.
Ongoing negotiations
Parallel to the casino projects in Sri Lanka and Vietnam, Caesars Entertainment Group is developing a similar project in the Philippines.
To carry out these plans, the company has just met the country’s president and expressed their interest in the acquisition of land adjacent to the Ninoy Aquino International Airport in Manila.
Following the meeting, the government said that negotiations with the US company were underway.
However, they still have to debate whether to allow a fifth casino operator in the country.
No decision has been made for the time being.
