Philippine Daily Inquirer
3:23 am | Wednesday, September 19th, 2012
A group led by taipan Andrew Tan is investing $550 million to complete by 2016 the first phase of Resorts World Bayshore City at the Entertainment City, a new entertainment hub that builds on the group’s success in operating the country’s first privately run gaming complex in Newport City.
The Bayshore complex is a project of Travellers International, a partnership between Tan’s Alliance Global Group Inc. (AGI) and Genting Hong Kong Ltd. It will be the last to open among the four licensees of the state-owned Philppine Amusement and Gaming Corp. in the Entertainment City but this could be an opportunity to top all earlier constructed facilities in the area, AGI president Kingson Sian said in a briefing after AGI’s stockholders’ meeting on Tuesday.
Sian said the master plan for Bayshore has been completed and it would feature two hotels—a luxury hotel and a five-star hotel offering a total of 800 rooms, a 3,000-seater grand opera house, a shopping mall, residential towers and a gaming area that would be double the size of Travellers’ existing facility in Newport City across from the Ninoy Aquino International Airport Terminal 3.
At 31 hectares, the Bayshore gaming complex is more than double the pioneering Resorts World Manila in Newport City (12 hectares) and will comprise about a third of the 90-hectare Pagcor City. The first phase of Bayshore development would occupy about 16 hectares, Sian said.
Beyond the first phase that will be completed by 2016, Bayshore is envisioned to be a themed tourism estate with about 3,500 hotel rooms alongside leisure, retail, gaming and entertainment facilities. Total project cost is $1.1 billion.
Tan told stockholders that Bayshore was “poised to be another world-class venue for entertainment and recreation.” The project is seen to not only promote local and international tourism but also significantly contribute to the country’s economic development by creating more than 100,000 direct and indirect jobs.
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Tags: Entertainment City , gaming and casinos , Philippines , property , Real Estate , Resorts World Bayshore
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