There are new reports of more Manila casino funding being added to the new project in the Philippines for Belle Corp, after Leisure and Resorts World Corp has agreed to put P4 billion into the new casino in exchange for a portion of the yearly income that will result from the project. This means that we are more likely than ever to see the Belle Grande Manila Bay ready to welcome the public sooner rather than later, great news for those in the area who are really looking forward to playing slot machine games at this new casino resort.
A disclosure was released which stated the following: “In the Memorandum of Agreement signed on July 5 among the company (LRWC), its wholly owned subsidiary AB Leisure Global, Inc. (ABLGI), PremiumLeisure & Amusement, Inc. (PLAI) and Belle, ABLGI will provide funding to Belle for the casino project (Belle Grande) equivalent to 30% of Belle’s interest, or an estimated P4 billion which will be funded through debt and internally generated income.”
ABGLI was originally partnered with Belle on this project last year, the massive casino that is set to rise in the Bagong Nayong Pilipino Entertainment City, but Belle then went on to switch to Melco Crown Entertainment Ltd. Last week they sealed a so called “cooperation agreement” in which the Macau based giant will act as co-licensee and operator of the facilities within the casino. Melco estimates their investment into the project at around $600 million, with $325 million of that being debt. An LWRC official explained where they will be finding the funding: “Of the P4 billion, we have already secured funding amounting to around P1 billion. For the P3 billion, we are already in talks with several banks for the debt component,” said Alfredo B Reyes, who is the LRWC Investor Relations head. It looks like this is going to be a good investment for all those involved, as shares of LWRC rose 6.36% yesterday – and when the casino does open in the future, this figure can certainly be expected to rise all the higher.