Henry Sy, the richest man in the Philippines, has raised his stake in PAGOR's Entertainment City, showing confidence in the organization's struggling development on Manila Bay.

Sy, whose fortune comes from shopping malls is Asia, has been committed to the project from the start. Entertainment City is an 800-hectare development on the shores of Manila Bay, which will eventually contain four multibillion-dollar casino resorts. The first project was slated to open in 2010, but none has yet broken ground.

A company controlled by Sy, the Belle Corp., has purchased the entire outstanding capital stock of Premium Leisure and Amusement Inc. through a stock swap. PLAI was a holding company set up by Sy to build and operate the casino resort.

"Along with SM, we have committed to spend P46 billion (US$1 billion) over 25 years. PLAI will be spending at least P8 billion (US$171 million) by 2011," said Belle Vice Chairman Willy Ocier.

"In taking over PLAI," said Belle corporate secretary Bayani Tan, "Belle plans to bring in foreign and local partners to contribute their expertise in managing world-class entertainment and gaming facilities."

Other developers at Entertainment City include Travellers International Hotel Group, a partnership between Alliance Global Group Inc., controlled by real estate tycoon Andrew Tan and Star Cruises of Malaysia, a subsidiary of Genting.

Sources say PAGCOR has backed off its initial demand that the developers build the full casino resort before opening. Aruze has reportedly been planning to operate a much-scaled-back property before committing to invest the full US$1 billion. 

By GGB Staff

Staff writers for Global Gaming Business magazine. Las Vegas, Nevada.