MANILA, Philippines - Henry Sy's Belle Corp. sealed a deal with Australian billionaire James Packer and Macau gambling tycoon Lawrence Ho to jointly develop a $1-billion casino in Manila.
Belle, whose parent company is SM Investments, will be working with Packer and Ho through their joint venture casino operator Melco Crown Entertainment (MCE). Ho is the son of Macau gaming mogul Stanley Ho.
In a statement sent out Thursday night, SM Investments said it signed on July 5 a "Memorandum of Agreement (MOA) with Macau-based Melco Crown Entertainment group of companies for a collaborative partnership in the development and operation of Belle’s integrated resort complex at Aseana Boulevard, Parañaque."
"Belle has agreed to join with MCE under a new consortium to create a premiere integrated resort complex," SM Investments said.
"Subject to PAGCOR requirements, Belle and MCE plan to create a US$1 billion premiere integrated resort facility and enter into implementing and definitive agreements within the next two months," the company added.
MCE is the owner and operator of the resort complex in Macau known as “City of Dreams."
Belle holds one of four licenses handed out by the Philippine Amusement and Gaming Corp. (Pagcor) to build a casino worth at least $1 billion each at the Entertainment City in Manila Bay, Parañaque.