Melco Crown Entertainment has raised its planned investment in City of Dreams Manila to US0 million, and the figure could go higher as more major brands join as partners.
Speaking in Manila at a ceremony to announce that high-end hospitality brand Nobu will be opening a hotel at the resort, Melco Co-Chairman and Chief Executive Lawrence Ho said of the company’s financial commitment, “It keeps going up. Our most recent number is $680 million because PAGCOR will allow us more gaming tables, and we keep finding great brands.”
PAGCOR, the Philippine Amusement and Gaming Corporation, is the government regulator sponsoring the site on Manila Bay where City of Dreams is under construction. Four gaming resorts have been licensed for the site, known as Entertainment City. The first, Solaire Resort and Casino, opened last March.
City of Dreams Manila will be the second. A joint venture between Belle Corp., a subsidiary of Philippine retail giant SM, and a Philippine-listed subsidiary of Melco, the resort is slated to open this summer with 1,680 slot machines, 365 table games, three luxury hotels and an array of dining, shopping and entertainment attractions, including the largest nightclub in the city. Total cost is pegged at US$1.3 billion.
The 321-room Nobu will be the first hotel in Asia for the vaunted U.S. group, and the ceremony was attended by celebrity chef Nobuyuki “Nobu” Matsuhisa, the company’s namesake, and his partner, Hollywood film star Robert De Niro. The first U.S. Nobu hotel was opened at Caesars Palace in Las Vegas last year. Other Nobu hotels are planned for London, Bahrain and Riyadh, Saudi Arabia.