MANILA, Philippines - High-end leisure estate developer and gaming firm Belle Corp. and Leisure & Resorts World Corp. (LRWC) have confirmed on Monday reports that they are in talks for a potential partnership in a casino project.
In separate disclosures to the stock exchange (here and here), the two firms said their talks involve a planned P14-billion casino complex on a 6.2-hectare property near the SM Mall of Asia. The mall is majority owned and operated by the Sy family who has a stake in Belle Corp.
LRWC is being considered as Belle's operating partner after the latter's talks with US-based Harrah's Entertainment failed. Officials of Harrah, the world's largest casino operator, were in the Philippines in March 2010. At the time, LRWC was just being considered to be the holder of the management contract for the gaming component of the project.
LRWC, formerly known as Atlas Fertilizer Corporation, operates and monitors professional bingo and interactive games licensing at the Cagayan Economic Zone Authority (CEZA).
Belle and LRWC stressed that "there is still no final agreement on any matter as of today."
Belled confirmed that it is in talks with 3 potential partners to operate the casino complex. It is hoping to pick its final partner by November 2010.