As reported first in Asian Gaming Intelligence before Easter, Philippines company Leisure & Resorts World Corp could be going into business with Harrah’s Entertainment on a casino project in the country.
But rather than being a sole participant alongside Harrah’s, it looks as though LRWC could be part of a consortium of Philippines companies, including Belle Corp, a high-end leisure estate developer and gaming firm, and the SM Group, an entertainment and retail developer.
Belle Corp. confirmed in a statement to the Philippine Stock Exchange the day after AGI’s story that its subsidiary Premium Leisure & Amusement Inc.is in talks with a number of casino operators, including Harrah’s Entertainment Inc., for development of a PHP14-billion (USD313 million) casino complex next to Manila Bay.
Belle Corp, majority owned by local retail entrepreneur Henry Sy, told The Philippine Star newspaper that negotiations have not yet been concluded.
The source added Belle has approached LRWC asking it to act as holder of the management contract for the gaming component of the project.
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