International edition
June 12, 2021

The casino is scheduled to open by the third quarter next year

Harrah's about to close a deal for a casino complex in the Philippines

(Philippines).- Harrah's Entertainment is the frontrunner in the bid to operate what is touted to be the biggest hotel and casino complex in the Philippines, according to the project's local developers. The company was earlier reported to be one of three foreign firms that wanted to run the us$ 350-million hotel and casino project that Leisure and Resorts World (LRWC) and Belle Corp. are jointly developing.

"

They're the most advanced [in terms of negotiations]," Alfredo Benitez, former president of LRWC said on the sidelines of the company's annual stockholders' meeting. Benitez, who resigned from his post after being elected congressman of the third district of Negros Occidental, said Harrah's will likely use its Planet Hollywood brand for its first venture in Asia. Harrah's is also mulling the establishment of another Planet Hollywood in Vietnam, he said. Benitez said the two other interested operators already cemented their presence in the Asian gaming market, particularly in Macau and Singapore.

LRWC and Belle's hotel and casino project will have 100 VIP suites, about 500 five-star hotel rooms and a casino that will have 250 tables and about 1,500 slot machines. The casino is scheduled to open by the third quarter next year.

LRWC holds the management contract for the gaming component of the project, while Belle, which is majority-owned by mall magnate Henry Sy, will provide the entertainment facilities. Belle is part of a consortium led by the SM group that was granted provisional license to undertake the development of the 800-hectare Bagong Nayong Pilipino Manila Bay Entertainment City.

Even before the new casino complex opens, LRWC is eyeing a 15- to 20 % profit growth to about us$ 5.2 million this year after a relatively strong first half. Earnings rose 18.4 % to us$ 4.3 million last year from us$ 3.7 million in 2008 despite economic uncertainties due to the global crisis.

LRWC announced an eight centavo cash dividend to shareholders, higher than last year's six centavos, and equivalent to 35 % of the firm's net income last year. LRWC shares rose from P1.58 on Thursday to us$ 0.03 each on Friday, while Belle was unchanged at us$ 0.04.

What is your opinion about this article?
  • I like it
    %
    0 votos
  • I don't like it
    %
    0 votos
  • I have not thought about it
    %
    0 votos
Leave your comment
Newsletter Subscription
Subscribe to receive the latest news and updates
Enter a valid email
Complete the captcha
Thank you for registering to our newsletter.
Follow us on Facebook