CASINO

Megaworld to build residential project near Manila casino development

TAGs: entertainment city, Manila, Philippines

On Thursday, Megaworld, one of the leading real estate developers in the Philippines, announced that they would be building two new residential projects in Westside City, a prominent precinct in Manila’s famed Entertainment City. The project is expected to nearly double the number of units available in the area, growing from 3500 to nearly 5400.

Megaworld to build residential project near Manila casino developmentTwo new structures will be built as a part of the project. The first will be a 15-story building, the South Beach Place, which will have 582 units. The structure will have direct access to the Westside City Resorts World complex.

The other unit will be a 21 story tower with 1309 units included. Both complexes are expected to be completed by the year 2024.

The cost to build the two structures is expected to reach around Php 64 billion ($1.25 billion USD). That will come directly from Megaworld while another Php 57 billion ($1.1 billion USD) is expected to come from the Travellers International Hotel Group, which will be involved in the project as well.

Megaworld had already been involved in a joint venture with Travellers International to build a joint casino resort in Westside City. As we have reported previously, the construction of the complex was set to begin in early 2019 and was to be completed in 2021.

The $2.3 billion project was first announced in December 2018, but the development plans were officially announced in February of this year. That included the construction of a 1500 room hotel as well as a state-of-the-art casino and gaming complex.

Entertainment City has quickly become a premier area in Manila, but the two investors are looking to make Westside City a cut above the rest. Several resorts and casinos already exist in Entertainment City, including Melco Resorts’ City of Dreams and Bloombery Resorts’ Solaire Resorts and Casino, but none of them will be as majestic as the plans for Westside City.

Megaworld and Travellers have come together on projects before. In November 2015 the two agreed to collaborate on helping to build Entertainment City into a spot that would attract tourists from across the globe. The two companies combined to invest $1.4 billion in a 76.6-acre project that would border on the Resorts World Bayshore.

The project was completed in 2018, and has now buoyed executives at both organizations to expand with the two new ventures. With the Philippine government looking to make Entertainment City a casino district that would rival any on earth, Megaworld and Travellers are gaining a great deal of support from the government to begin their projects.

Gaming in the Philippines has increased steadily since 2016, earning revenues that have increased by at least 8% annually. Those numbers are expected to grow vastly as soon as the 2021 projects are completed.

Comments

views and opinions expressed are those of the author and do not necessarily reflect those of CalvinAyre.com