Philippine regulator approves Landing's $1.5 bln casino project

Shin Hwa World

26/07/2018 10:15

MANILA, July 26 (Reuters) - The Philippines' gaming
regulator has granted Hong Kong's Landing International
Development Ltd  0582.HK  a license to build a $1.5 billion
integrated casino project in the capital, an official said on
Thursday.
    This will be the fifth casino project in the Philippines'
smaller version of the Las Vegas strip, highlighting the growth
prospects in one of Asia's fastest-growing gambling markets.
    The Philippine Amusement and Gaming Corp issued a
provisional license for Landing's theme park with a casino
component south of the capital, Alfredo Lim, president of the
regulator, told Reuters.
    Total investment for the integrated casino-resort is around
$1.5 billion, which will be funded by the group's internal
resources and debt financing, Landing told the Hong Kong stock
exchange.
    Ground breaking is scheduled in August, allowing the
facility to start operations in 2022, the company added.
    In February, Philippines' President Rodrigo Duterte ordered
the gaming regulator to stop processing new applications for
licenses to prevent oversupply.  urn:newsml:reuters.com:*:nL4N1PY2KS
    Landing's casino project will be located in Entertainment
City, the Philippines' answer to gaming hubs in Macau and
Singapore.
    The Philippine affiliates of Japan's Universal Entertainment
Corp  6425.T  and Melco Crown Entertainment Ltd  6883.HK , and
local company Bloomberry Resorts Corp  BLOOM.PS  are currently
operating billion-dollar casinos in Entertainment City.
    The Philippine gaming sector's growth was fuelled by the
mass market and Chinese high rollers enticed by warmer ties
between Beijing and Manila.
    

 (Reporting by Neil Jerome Morales; Editing by Sunil Nair)
 ((neiljerome.morales@thomsonreuters.com; +632 8418914; Reuters
Messaging: neiljerome.morales.thomsonreuters.com@reuters.net))