Filipino billionaire Andrew Tan is digging US$2.33 billion out of his company’s pockets to fund the development of the Westside City casino strip in PAGCOR’s Entertainment City.
In a disclosure to the Philippine Stock Exchange, Tan-led property developer Megaworld announced that it is allocating an additional PHP54 billion ($1.04 billion) for the development of the 31-hectare property over the next 10 years.
Tan’s property arm had initially committed to shell out PHP10 billion ($192 million) for the casino strip project in 2015.
Including the PHP57 billion ($1.1 billion) investment of Megaworld’s affiliate, Travellers International Hotels Group Inc., the group’s combined capital expenditure for the township is now at P121 billion ($2.33 billion) or 80 percent higher than the original commitment.
In a statement, Megaworld Senior VP and Treasurer Francis Canuto said they “want to tap every available opportunity” given that the current “demand is high.”
Last year, Hong Kong-listed casino operator Genting Hong Kong announced plans to open its Westside City Resorts World integrated resort in Manila’s Entertainment City in 2021.
Formally known as Resorts World Bayshore, Westside City Resorts World is projected to have at least 1,500 hotel rooms from in-house and international hotel brands and a casino that will be managed by Tan’s umbrella company Alliance Global Group.
Megaworld said it plans to construct two new homegrown hotel brands in Westside City, namely the 529-room Kingsford Hotel and the 685-room Grand Westside Hotel. Both hotels will be conveniently linked to the casino complex and will have the unparalleled views of Manila Bay, according to the firm.
Aside from the hotels, Megaworld is also building the 15-tower Bayshore Residential Resorts, and the four-tower Gentry Manor. So far, Westside City has around 4,000 units of residential inventory worth around PHP50 billion ($957.5 million).
Once completed, Westside City will also be highlighted by a luxury mall and hotels as well as a wide array of leisure and entertainment facilities.
The post Philippine tycoon Andrew Tan doubles bet on Westside City casino strip project appeared first on CalvinAyre.com.
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