Australian Gaming Tycoon To Build $1.5-B Casino in Philippines

Australian gaming and media tycoon James Packer is expected to sign a $1.5-billion deal to build a hotel and casino resort in the Philippines, an official said Monday.

“Dodie King, spokesperson for the government-run Philippine Amusement and Gaming Corp. (Pagcor), said he expected a deal would be signed with Packer ‘within the next few weeks.’

“Packer’s resort will form part of a $20-billion project that Pagcor hopes will turn 120 hectares of reclaimed land on Manila Bay into one of Asia’s biggest gaming destinations”

Pagcor, which regulates and issues gaming licenses in the Philippines, unveiled the multibillion-dollar project in April and has attracted interest from around the world.

King confirmed media reports that the Packer deal was being negotiated through Bloomsbury Investments, which has paid a deposit of $100 million for a 1,700-room resort and convention complex.

“I cannot say anything at this stage as talks are continuing,” King said. “But we do expect that a deal will be finalized within the next few weeks.”