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New Casino Opens in Manila

New Casino Opens in Manila

The Philippines’ first casino opened this week as the country tries to copy the success of Macau.

New Casino Opens in Manila

A $1.2 billion casino is the first to open in the new gambling complex in the Philippines

The Solaire Manila casino, which was built by Enrique Razon at a cost of $1.2 billion, will have a monopoly within the entertaining and gambling complex in Manila. However, the country’s richest man, Henry Sy, is opening a second casino next year.

The gaming area in Solaire has been decorated with mother-of-pearl covered columns and a floor embedded with coloured glass. The aim is for 45% of revenue to be made from VIPS and high-stakes gamblers.

The first phase of the casino includes an 18,500 square metre gaming area complete with 300 tables and 1,200 slot machines. There are also seven restaurants and a five-star hotel.

However, expansion work has already begun and there will soon be more VIP gaming space, a 1,800 seat theatre and 60,000 square metres of retail space. There will also be another 300 suite rooms built and more restaurants.

Bradley Stone, president at Global Gaming Asset Management, said “This will really be the first time that the Philippines is going after the premium player … Manila has the opportunity to be competitive and to get its share of that business.”

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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