Pouria Posted July 22, 2013 Share Posted July 22, 2013 James Packer is confident in the booming gaming market of the Philippines. Packer's Asian gaming joint venture Melco Crown will be building a gaming complex at Manila Bay. The investment is worth US$1 billion and is one of the three new casino ventures in Manila, Philippines. Change in Philippine gaming laws A change in Philippine gaming regulations were apparently made earlier this year as casinos and internet gaming were not included in the latest anti-money laundering laws as requested by the Philippine Amusement and Gaming Corporation since it may discourage foreign investors. Packer said that at the end of the day, Melco Crown still has total management control. He knows what the company is doing and does not see anything different from the way they do things in Macau or Australia. KT Lim's Genting Group is the operator of Resorts World Manila, the sister company of Resorts World Genting in Malaysia and Resorts World Sentosa in Singapore. Until the opening of Solaire Resort & Casino which is owned by international ports billionaire Enrique Razon Jr's Bloomberry Resorts, Resorts World Manila was the only privately-owned casino resort in Manila. Belle Corporation, the partner of Melco Crown in the Philippines, is owned by the country's richest man, Henry Sy. Packer says the joint venture is the biggest foreign direct investment in Manila. The Philippine government is looking at Singapore as a model to attract more foreign investors. The aim of the government is for the local market to become the second biggest in the world. Analysts believe it can be a $10 billion market by 2017. Manila is only 45 minutes away from China. Tax rates are lower so higher commissions can be offered to junket players. The new Belle Grande Manila Bay resort is expected to open by middle of 2014. Link to comment Share on other sites More sharing options...
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