Australian tycoon to invest $1.5 billion in Philippines hotel and casino
Monday 16th June 2008
The Australian tycoon James Packer is turning his attention to the Philippines in a bid to build a $1.5 billion hotel and casino resort.
A spokesman for the Philippine Amusement and Gaming Corporation (Pagor) confirmed that Mr Packer is expected to sign the deal in the near future.
Mr Packer's investment is part of a $20 billion project, which will cover 297 acres in Manila Bay in what developers hope will rival China's dominant Asian gambling centre in Macau.
Dodie King, spokesman for Pagor, commented: "We do expect that a deal will be finalised within the next few weeks."
It is thought that when finished the resort will house around 1,700 hotel rooms and a convention complex.
Due to the credit crunch and financial problems, Mr Packer recently had to abandon plans to build a $5.2 billion casino in Las Vegas, which he hoped would feature the largest tower on the gambling capital's skyline.
The Australian tycoon James Packer is turning his attention to the Philippines in a bid to build a $1.5 billion hotel and casino resort.