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Tokyo Company Will Build $2.3 Billion Hotel in Philippines

News Tokyo-based Universal Entertainment Corp. has announced its plans concerning the investment of US$2.3 billion into the building of a mega complex in Manila, Philippines.

The complex named Manila Bay Resorts is already in the process of building. The opening date is scheduled for December 2013. The complex will occupy 16.1 hectare (40 acre) of land, and will include a hotel, a casino, and residential areas. One of the main partners in the project is Wynn Resorts Ltd., the main shareholder of which is Universal Entertainment.

Philippines try to become a popular destination for gamblers like nearby Singapore and Macau. The main targeting auditory of the new complex will be tourists from the mainland China. In 2009 the number of tourists from China in Philippines increased by 37%. The improved connection between the two countries and increased number of flights make trips to Philippines more convenient for Chinese travellers. Moreover, a flight to Manila from Shanghai and other big cities of China is one-two hours shorter than to Singapore.

Universal Entertainment was founded in 1969. The company’s primary business is development of Pachinko and Pachislot gaming machines. Recently the company has stepped into the gaming hospitality business.

This is not the only extraordinary expensive project in Philippines. One week ago Alliance Global Group Inc. announced it has invested US$1.35 billion to expand Resorts World Baystore and Resorts World Manila resorts-casinos.

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