SOURCE: casinocompendium.- Star Cruises, a division of the Genting Bhd subsidiary Resorts World, has agreed to develop hotels and casinos in the Philippines in association with local company Alliance Global Group. The agreement is subject to the issue of a gaming licence. SM Investments Corp., the country’s second-largest conglomerate by market value, has announced it would participate in a $1-billion casino project in Manila, and Travellers International Hotel Group, also a Philippine company, has recently been qualified by the Philippine Amusement and Gaming Corporation (Pagcor) to participate in casino projects.

Star Cruises will initially acquire a 50% interest in a Travellers subsidiary for US$335 million to develop a hotel casino resort in Newport City in the 40 hectare Bagong Nayong Pilipino tourist project at Manila Bay. The company intends to acquire an additional 40% of Travellers in a separate joint venture to develop a gaming complex in Pagcor City, also in the reclaimed Manila Bay area. Under the agreement Star Cruises will increase its shareholding to 75% in the joint venture.

With local and international investors agreeing to participate, the creation of a centre for gambling at Manila Bay is coming closer. According to local press the US$15 billion Philippine Las Vegas