Australian gaming mogul James Packer, and his partner, Lawrence Ho, in Melco Crown Entertainment Ltd. (MPEL), have decided to make a major move for expansion by investing in a casino project in the Philippines.
Packer and Ho, who bought their Macau gambling sub-concession from Wynn Resorts Ltd. (WYNN), were expected to broaden their company’s Macau operation with another casino on the Cotai Strip. But last week they announced that they would invest up to $530 million in a Manila development project controlled by Henry Sy, reportedly the richest man in the Philippines.
The project already has a gaming license for the Manila Bay development.
Previously, news reports centered on a $2 billion gambling project in Manila that is controlled by Kazuo Okada, the embattled investor in Wynn Resorts Ltd.