By Cris Larano, Dow Jones Newswires
MANILA–Belle Corp. (BEL.PH) said it is set to sign a deal with Macau casino operator Melco Crown Entertainment Ltd. (MPEL) later Thursday involving the Philippine property company’s casino-resort development in an area the Philippines hopes will become Manila’s version of the Las Vegas Strip.
Belle and its parent, SM Investments Corp. (SM.PH), and Melco Crown will agree to draft a detailed working partnership agreement within 60 days, Belle President Willy Ocier said. He didn’t elaborate.
Belle, controlled by the Philippines’ richest man, Henry Sy, is one of four companies that have licenses to build casinos in the Manila Bay area. The company had finished most of the construction of the $1 billion resort by January, but completion of its interior has been put on hold for the past few months as deal negotiations drag on, a person familiar with the matter told Dow Jones last week.
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