City of Dreams Manila to host Hyatt hotel
MANILA - Hyatt will be the third hotel brand that will locate at the $1.26-billion City of Dreams Manila. Hong Kong-listed Melco Crown Entertainment Ltd. said the Hyatt brand follows the Crown Towers Hotel and Nobu Hotel that will also rise within the complex, which is scheduled to open by the third quarter of the year.
“Our integrated resort in Entertainment City in Manila Bay brings together a collection of world-class brands, including three exciting hotel brands—Crown Towers hotel, Nobu Hotel and a hotel managed by the Hyatt group—as well as a range of other entertainment and food and beverage offerings,” Melco Crown said in a statement. “We believe this property will significantly enhance Manila’s appeal to regional tourists who are seeking a unique and world-class entertainment and gaming experience,” it added.
Melco Crown owns half of the gaming complex and pays its partner Belle Corp., which owns the other half, a monthly lease of the complex. The two also have a revenue-sharing agreement once the gaming complex started operating. Its Philippine unit, Melco Crown (Philippines) Resort Corp., recorded a net loss of $21.8 million (about P970 million) in the first quarter of the year as a result of a $4.2-million interest on the P15-billion senior notes and $8.2-million capital lease charges relating to building lease payments, net of capitalized interest. Most of the expenses went into pre-operating expenditures relating to the complex. City of Dreams Manila will have a total of 981 hotel rooms, retail stores and restaurants. When it opens by September or October this year, it will feature 365 gaming tables, 1,680 slot machines and 1,680 electronic games.
About $630 million was contributed by Melco Crown, which will operate the entire complex, to develop the facility, and the rest came from Belle Corp., a company controlled by the SM group.
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