Posted on 04/22/2013 4:38 PM ?|?Updated 04/22/2013 11:43 PM
CASINO PROJECT. This is an artist's rendition of the Belle Grande Manila Bay that will house a large casino, two L-shaped hotel towers and 4 condotel towers. Photo from 2011 Belle Corp. Annual Report
MANILA, Philippines - Henry Sy-controlled upscale property developer and gaming company Belle Corp. has asked Pagcor to allow it to acquire more land in Manila's bayside Entertainment City casino complex.
Speaking on the sidelines of the company's stockholders' meeting on Monday April 22, Armin Antonio Raquel-Santos, deputy head of Belle, said that they?ve asked the Philippine Amusement and Gaming Corp. (Pagcor) for additional 10 hectares of land to be used for another mixed-use casino resort.
Belle, one of 4 groups with licenses to operate in Entertainment City, is pouring $1 billion into its Belle Grande Manila Bay, a project it is now building with regional casino player Melco Crown Entertainment.
So far Belle said they have invested nearly $700 million in the ongoing development, which takes up 6.2 hectares of land.
?We still need more land. We?ve committed to reach the $1-billion mark in investment,? said Raquel-Santos.
Raquel-Santos said the additional land should be acquired in the next one to two years.
Belle Grande is scheduled to open in the third quarter of 2014. The opening was delayed due to Pagcor's rule requiring investors to build a minimum of 800 hotel rooms before opening their casino resorts.
Manuel Gana, executive vice president and CFO of Belle, said their integrated resort would feature branded hotels, including some first entrants.
?Unlike the other resorts, we'll be complete when we open. We will have all entertainment and thematic attractions. It won?t be a piecemeal approach,? he said.
Another licensee, Bloomberry Resorts Corp., led by Enrique Razon Jr., launched its Entertainment City casino project Solaire last March.
ANNUAL MEETING. Key officials of Belle Corp. tell stockholders on April 22, 2013 that the company's first quarter performance was 'fantastic.' Photo by Aya Lowe
Financial results
According to Gana, Belle's first-quarter 2013 financial results to be released Tuesday, April 23 have been "fantastic" and would "set the trend for the next year."
In 2012, Belle's net income almost tripled to P556 million from P200 million in 2011.
One of the main drivers of Belle?s income growth was a P540 million liquidating dividend gain from its investment in Belle Bay City Corp. - Rappler.com
Source: http://www.rappler.com/business/27189-belle-pagcor-casino-complex
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