our companies won licences in 1998 to operate casinos in a gaming and entertainment complex the government plans to build in Manila. The Philippines is seeking to accelerate construction as gamblers in Asia fuel casinos in Singapore and Macau.
Each licensee agreed to invest us$ 1 billion over five years, Mr Naguiat said, identifying three of them as a venture of Genting Malaysia, Philippine property developer Belle and Philippine ports magnate Enrique Razon's Bloombury Investments. e declined to name the fourth, saying only that it was a Japanese company.
Belle and Bloombury had started construction while the rest would begin by the first quarter of next year, Mr Naguiat said. Melco's Geoffrey Davis didn't reply to a request for comment.