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City of Dreams Manila opens in the Philippines
The growth of gambling destinations in the Asia-Pacific region is continuing with the opening of the US$1 billion City of Dreams Manila casino, run by billionaires Lawrence Ho Yau-lung, James Packer and the Philippines' richest man, Henry Sy.
The second of a series of casinos and integrated resorts planned for Manila Bay, the new casino creates a rival to Asia’s leading gambling destination Macau and other recent and planned casinos in Singapore, Korea and Australia
This week's grand opening of the City of Dreams Manila came as official figures for January showed casino revenue in Macau plunged for an eighth straight month.
The decline of 17.4% In Macau’s gambling revenues over a year earlier followed the China’s economic slowdown and Chinese President Xi Jinping's high-profile crackdown on corruption.
The Philippines, like Australia and Korea, is expanding its gambling sector to meet perceived regional demand after Macau and Singapore successfully built resorts that combine luxury hotels, shopping, attractions, entertainment and gambling.
City of Dreams Manila is a venture between Melco Crown and Sy, majority owner of the the Philippines' biggest shopping mall operator and its largest bank by assets. The casino is the latest of four integrated resorts planned for the 297-acre Entertainment City, a Las Vegas Strip-style casino hub on Manila Bay.
At the opening James Packer, Co-Chairman of Melco, noted the Philippines' strong economy, its 100 million people and rising tourism.
Philippine gambling revenues could reach US$4.8 billion by 2017, when three of Entertainment City's four casinos are running, according to Australian investment bank Macquarie.
City of Dreams Manila and a US$500 million expansion completed in November by Solaire, the district's first resort, is expected, according to Macquarie, to help lift revenue to US$3.94 billion this year from about US$2.98 billion in 2014.
For more information go to www.cityofdreams.com.ph
The growth of integrated resorts in Asia was explored in a feature in the March/April 2013 issue of Australasian Leisure Management.
1st February 2015 - CASINO OPERATOR GALAXY TO INVEST US$7 BILLION MORE IN MACAU INTEGRATED RESORT
29th January 2015 - CONSORTIA REVEAL PLANS FOR BRISBANE QUEEN’S WHARF INTEGRATED RESORT
5th July 2013 - NSW GOVERNMENT APPROVES PACKER PLAN FOR SECOND SYDNEY CASINO
26th March 2013 - SINGAPORE CASINOS TO STRUGGLE AGAINST ASIAN COMPETITORS?
22nd March 2013 - MANILA OPENS FIRST OF FOUR MEGA CASINOS
26th February 2012 - NSW PREMIER BACKS SECOND SYDNEY CASINO
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