Filipino billionaire Andrew Tan is digging US$2.33 billion out of his company’s pockets to fund the development of the Westside City casino strip in PAGCOR'S Entertainment City. In a disclosure to the Philippine Stock Exchange, Tan-led property developer Megaworld announced that it is allocating an additional PHP54 billion ($1.04 billion) for the development of the 31-hectare property over the next 10 years. Megaworld said it plans to construct two new homegrown hotel brands in Westside City, namely the 529-room Kingsford Hotel and the 685-room Grand Westside Hotel. Both hotels will be conveniently linked to the casino complex and will have the unparalleled views of Manila Bay, according to the firm. Aside from the hotels, Megaworld is also building the 15-tower Bayshore Residential Resorts, and the four-tower Gentry Manor. So far, Westside City has around 4,000 units of residential inventory worth around PHP50 billion ($957.5 million).Surrounded with World Class Entertainment in Manila 5. An integrated tourism estate offering family-friendly Las Vegas-style pastimes. Grand Opera House: Inspired by the opulent Palais Garnier in Paris, France, the 2,500-seat Grand Opera House is set to be an iconic architectural masterpiece in Bayshore City and a venue for world-class performances. International Brand Hotels: A choice of luxury accommodations and lifestyle accoutrements makes guests feel exceptionally at home. Themed Parks Expansive landscaped areas make nature a big part of Bayshore City. Retail Center: Upscale shopping, dining and entertainment come together in one exciting destination.
FAST FACTS about ENTERTAINMENT CITY
• Projected to capture at least 10% share in the total global gaming market;
• Soon to be the next Las Vegas and Macau (Philippines can compete with the best in the world and attract the lion’s share of tourists) ;
• More than 1 billion people are within a 4-hour radius, which includes the countries like China, Taiwan, Hong kong, Singapore, Japan & South Korea.
• Moody’s corporation raised the country’s sovereign debt rating by a notch to Baa3.
• The Philippines was the only country in East and Southeast Asia whose growth forecast was revised up by the ADB. Expected to grow 7 percent this year.
• Philippines is Asia’s friendliest country and ranked 8th best in the world in the list of the “World’s Friendliest Countries” in the “Expat Explorer Survey 2011.”
• Site has been declared as a Tourism Economic Zone
• NAIA Expressway 2 project is under construction that will boost accessibility of tourists, gamers, vacationers and conventiongoers ;
• Also known as “Bagong Nayong PilipinoEntertainment City” – an integrated entertainment and leisure destination;
• Each proponent is committed to invest at least US$1B for the integrated resort they are building;
• Will feature six-star hotels, gaming facilities, malls, museums, cultural centers, sports arenas, residential villages and theme parks;
• The project is also expected to provide direct local employment of at least 40,000;