One of the biggest property developers in the Philippines, Megaworld Corporation, part of Aliance Global Group Inc., has signed a 261 mllion dollar (PHP 15 billion) investment agreement with Winford Resort for a three-hectare “new integrated lifestyle community” in Manilla with “residental condominiums, hotels and commercial developments with a casino complex.”
This 261 million dollar casino project will be located in the San Lazaro Tourism and Business Park known as the former site of the horse racing track that the corporation bought for approximately PHP 1.89 billion (32.92 million dollars) early this year, according to Megaworld.
The hotel & casino project will include hotels with residential apartments, commercial developments and a casino complex as well as the “Promenade,” which is predicted to “become a major tourism destination in this side of Manila.”
The project is inspired by “Old Manilla with structural designs reminiscent of the pre-war era.”
Wilson Sy, first Vice President and Head of Sales and Marketing at Megaworld Manilla, said: “A commitment to revive the old beauty of Manila would be apparent in the planned designs of the commercial developments of this community.”
The company didn’t clarify whether Metro Manila would need its own regulated gaming license from the Philippines regulator, the Philippine Amusement and Gaming Corp. (PAGCOR).
Also, as part of the project, the company wants to debut the One Crown Suites condominium tower, with 389 apartments. This launch is predicted to generate PHP 3 billion in sales.
However, it is scheduled to become fully operational by 2028.
Winford Resort, aka Winford Hotel & Casino, is located in Manila‘s “China Town” within the San Lazaro Tourism and Business Park. It is founded in January 2016, but it is officially opened in 2017.
The Resort is managed by the Philippine Amusement and Gaming Corp. (PAGCOR), with two floors dedicated to slot machines and the third floor offering live table games and VIP gambling. Also, there’s an Asia Poker Tour (APT) branded poker room offering a variety of poker cash games and tournaments.
Headquartered in the Philippines, Aliance Global Group Inc. is an investment holding company currently managed by Andrew Lim Tan, a self-made billionaire.
The conglomerate is present in various industries such as property development, liquor, gaming and fast food.
Its subsidiary Megaworld Corporation is a major condominium builder. Its main goal is to become the country’s largest business process outsourcing office landlord.
Source: Read Full Article