Melco Crown boosts investment in Philippines casino project
MANILA (AFP) - Macau developer Melco Crown Entertainment is raising its investment in an US$1 billion (S$1.25 billion) casino project in the Philippines to offer more gaming tables and luxury hotel rooms, the company said on Wednesday.
The "City of Dreams Manila" project, to open in mid-2014, will now require an initial outlay of US$680 million, or US$60 million more than previously announced, its chief executive Lawrence Ho said in Manila.
"We think it's going to be money well spent. As a company we make sure that there's good value in terms of where we put the money in," he told a brief news conference.
The casino is a joint venture with the SM Group of Chinese-Filipino billionaire Henry Sy, the Philippines' wealthiest man.