Insight CITY OF DREAMS MANILA
BELLE GRANDE SWITCH TO CITY OF DREAMS
Melco Crown Philippines flesh out the details for the newly re-named City of Dreams Manila casino resort project
Melco Crown’s new integrated casino resort at Entertainment City, Manila, will be branded City of Dreams Manila, building on the success of the company’s City of Dreams project in Macau. Following various amendments to gaming regulations in the Philippines by PAGCOR, City of Dreams Manila has been permitted to operate a substantially increased number of gaming tables and electronic gaming machines upon opening.
As a result of this, Melco Crown will now increase its investment by 30 per cent to $1.3bn. Previously known as Belle Grande Manila, City of Dreams Manila will form part of the Entertainment City complex that the government hopes will increase gaming revenue to $10bn by 2017 from $2bn in 2012.
City of Dreams Manila, when it opens around the middle of 2014, will mark the formal entry of Melco Crown Entertainment into the fast- growing and dynamic tourism industry in the Philippines. Melco Crown Entertainment has been a pioneer in the development of integrated entertainment resorts in Asia. Its successful City of Dreams branded Macau flagship integrated resort has been a major catalyst in helping the city establish itself as one of the leading entertainment and tourism destinations in Asia.
Clarence Chung, Chairman and President of Melco Crown Philippines, said: "I would like to express my sincerest gratitude to the Government of the Republic of the Philippines and PAGCOR for their continuous support in helping us realize this gaming, leisure and entertainment complex in Manila. The development of City of Dreams Manila is progressing well and we firmly believe it will play a key role in further enhancing the Philippines as a leading leisure and tourism destination in the
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Clarence Chung, Chairman and President, Melco Crown Philippines
Dreams Macau. The Crown Towers hotel at City of Dreams Manila will cater to the high end VIP and premium mass market segments in Manila, leveraging the experience that Melco Crown Entertainment has built up in these key segments, notably through its vast operations in Macau.
“The development of City of Dreams Manila is progressing well and we firmly believe it will play a key role in further enhancing the Philippines as a leading leisure and tourism destination in the region.”
region. I would also like to express our gratitude to Mr. Lawrence Ho, Mr. James Packer and our parent company Melco Crown Entertainment for their on-going support in bringing this exciting project to realization."
Lawrence Ho, Co-Chairman and Chief Executive Officer of Melco Crown Entertainment, said: "I am delighted to announce that we are bringing the highly successful City of Dreams brand to the Philippines. City of Dreams Manila will herald a new era of entertainment in Manila and will provide visitors with an exceptional world-class gaming and entertainment experience, delivering international standards of retail, food & beverage and hotel amenities, together with diverse and innovative lifestyle and entertainment offerings. I am confident that City of Dreams Manila will be the pride of the leisure and entertainment industry here in the Philippines."
The Company is also pleased to announce that City of Dreams Manila will include an approximately 260 room Crown Towers hotel, a luxurious, premium hotel brand, adding to the brand's two current locations; Crown Towers hotel at Crown Melbourne, Australia and the Forbes Five Star Crown Towers hotel at City of
James Packer, Co-Chairman of Melco Crown Entertainment, said: "The addition of the Crown Towers hotel brand in Manila is another example of Crown's strong relationship with Melco Crown Entertainment and recognition of the unique opportunity City of Dreams Manila offers to further expand the Crown brand throughout Asia, helping us to realize Crown's vision of being a leading global luxury brand, with a focus on the broader Asian market. Melco Crown Entertainment's decision to introduce the exclusive and luxurious Crown Towers hotel brand to City of Dreams Manila further illustrates the commitment in expanding the premium and high end gaming market in the Philippines, a valuable market that Manila is comparatively missing out on."
To encourage casino licensees in Entertainment City to develop and operate high quality, internationally competitive, hotel and non- gaming amenities, as well as drive junket gaming operations at their integrated casino resorts in Entertainment City, Manila, the Philippine Amusement and Gaming Corporation ("PAGCOR") recently enacted revisions to Regulations 2 (Casino Layout), Regulations 3 (Gaming Tables) and Regulations 4 (Electronic Gaming Machines) (together the "Regulatory Revisions") of the Casino Regulatory Manual.
In addition to the current requirement that each integrated casino resort have a minimum of 800 room keys and a weighted average hotel room size of 40 square meters, the previous Entertainment City regulatory framework allowed a certain allocation of gaming tables and
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