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Megaworld bets P54 billion more on casino-resort strip

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ABS-CBN News

MANILA - Megaworld said Tuesday it would invest an additional P54 billion on a 31-hectare development in the capital&#x27;s mega-casino strip, in a bet on growing tourism.This will bring the total investment of billionaire Andrew Tan&#x27;s Alliance Global in Westside City to P121 billion, Megaworld said in a disclosure to the stock exchange.Megaworld earlier committed P10 billion for the project while hotel and resort developer Travellers International set aside $1.1 billion or roughly P57 billion, according to the statement.Shares of Megaworld were up 1.96 percent in early trading Tuesday, compared to a 0.41 percent rise in the main index.Westside City is located in Entertainment City, home to billion-dollar resorts that the government is positioning as the country&#x27;s answer to Las Vegas and Macau.Megaworld said it would build 2 new homegrown hotel brands with a combined room capacity of 1,214. The hotels will be connected directly to the casino.&quot;The demand is high and we want to tap every available opportunity in this booming side of the metro,&quot; said Megaworld senior vice president and treasurer Francis Canuto.&quot;We give our all-out support to the country’s growing tourism industry. Providing more hotel options will further boost tourist arrivals especially in this growth area,&quot; he said.Megaworld said it would also build a 15-tower residential and resort complex.Westside City currently has 4,000 residential inventory worth P50 billion, Megaworld said.

Megaworld said Tuesday it would invest an additional P54 billion on a 31-hectare development in the capital's mega-casino strip, in a bet on growing tourism.

Megaworld said Tuesday it would invest an additional P54 billion on a 31-hectare development in the capital's mega-casino strip, in a bet on growing tourism.