The planned partnership capitalizes on Koreans being the no. 1 source of foreign visitors in the Philippines; casino and hotel venture to be built in Las Piñas City, a component city of Metro Manila.
Original story by Miguel Camus for the Philippine Daily Inquirer
Business tycoon Manuel Villar Jr. aims to be the country’s newest gaming mogul with the opening of a $1-billion casino and hotel venture in Las Piñas City in partnership with a Korean group.
Villar declined to name the Korean casino partner but he said they had been in discussion for some time and that a deal has been finalized.
“We plan to start operations this year or the latest is up to the first quarter of next year,” the billionaire told reporters in a recent interview.
A Korean partner was selected given the size of their tourism market. Koreans were the No. 1 source of foreign visitors to the Philippines as of April this year, according to the Department of Tourism.
Villar said they would convert the Vista Mall Global South shopping mall in Las Piñas into a casino. This will be the first of two gaming projects within the area.
“This will be a satellite. It’s not the main body,” he said.
Villar said his next casino, potentially to be located near its Evia lifestyle hub in Las Piñas, will be a much bigger venture.
These projects are located within the tycoon’s Villar City, a budding 3,500-hectare development that straddles 15 cities and municipalities in the southern part of Metro Manila and nearby provinces.
Read the full story by Miguel Camus for the Philippine daily Inquirer https://business.inquirer.net/416568/villar-finalizes-deal-with-korean-group-for-1-b-casino-venture-in-las-pinas
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