International edition
June 24, 2021

Increased to approximately US$ 832 million

Huge budget increase for City of Dreams Manila

(Philippines).-  Melco Crown Resorts announced a massive budget increase for City of Dreams Manila casino resort. The company said the total budget for the project up to the time of opening would increase from USD 680 million to approximately USD 832 million. It did not provide a reason for the 22 percent hike. The project is officially scheduled to open “in 2014.

A

rmin Santos, executive vice president for integrated resorts of Belle Corp, confirmed that the partners’ aim is to open City of Dreams Manila in October to coincide with China’s Golden Week holiday. The property will be operated by Melco Crown (Philippines), a unit of Macau-based casino operator Melco Crown Entertaiment.


The budget increase was approved on Wednesday at a special meeting of the board of directors, according to a company filing to the Manila bourse. Directors also approved a top-up placement of an undisclosed amount of shares to raise funds.


The announcement was made after the Philippine Stock Exchange suspended trading of Melco Crown (Philippines) shares at the request of the company. Trading will resume on Thursday.


Melco Crown (Philippines) is partnering with Philippine-based Belle Corp for the City of Dreams Manila project. Belle is controlled by SM Group, headed by Henry Sy, patriarch of the Philippines’ richest family.


According to previous filings, the casino resort currently has an allotment from the country’s regulator and licensor, the Philippine Amusement and Gaming Corp (Pagcor), for 365 gaming tables, 1,680 slot machines and 1,680 electronic table games.


Melco Crown (Philippines) announced earlier this month a hotel management agreement for a Hyatt-branded hotel at Dreams Manila. The hotel will feature 365 guestrooms, two food and beverage areas, a fitness center, VIP lounge and outdoor swimming pool, the company said.


The gaming operator had previously stated the six-tower Manila property would also have an approximately 260-room Crown Towers hotel, using the branding of Crown Resorts Ltd, one of two controlling shareholders of parent Melco Crown.


City of Dreams Manila will also have a Nobu Hotel – the first in Asia – taking advantage of the brand recognition globally of Japanese chef Nobu Matsuhisa and Nobu’s brand ambassador, Oscar-winning actor Robert De Niro, who is also a shareholder in Nobu Hospitality LLC, according to a company announcement in March.

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