Melco Crown (Philippines) Resorts Corp., a unit of Macau’s Melco Crown Entertainment, said it secured a regular gaming license from the government to operate the $1-billion City of Dreams Manila for the next 18 years.
The company said the regular license is valid until July 11, 2033. It said the Philippine Amusement and Gaming Corp. (Pagcor), which acts as a regulator of the four integrated casino and resort operators in Entertainment City complex, gave the license after it complied with the $1-billion investment.
The provisional license was issued to the consortium, half of which is owned by the companies controlled by the Sy family, on January 28, 2013.
Melco Crown secured the license ahead of Razon-led Solaire Resorts and Casino, which opened a year earlier. The facility that it opened, however, was just part of the $1-billion minimum investment required by Pagcor.
Solaire subsequently opened the last part of the facility in November last year, still ahead of City of Dreams Manila, which had its soft opening in mid-December. “We are proud and honored to receive the regular gaming license as it is a tremendous show of confidence by the government in Melco Crown Entertainment and our local partners, the SM Group’s Belle Corp.,” Lawrence Ho, cochairman and CEO of the Macau-based company, said in a statement.
Belle Corp. holds the gaming license, while Melco Crown is the operator of the entire property.
“We are proud of our contribution to the Philippines and pleased to have created over 5,000 desirable jobs at City of Dreams Manila. We will continue to cater to the increasingly affluent and growing middle class across Asia, who are seeking new travel destinations and entertainment experiences in the region,” he said.
City of Dreams Manila features three hotels using the brands Crown, Nobu and Hyatt, retail and dining areas with VIP and mass-market gaming facilities with up to approximately 375 gaming tables, 1,700 slot machines and 1,700 electronic table games.