MANILA, Philippines – High-end property and leisure developer Belle Corp. has executed an omnibus loan and security agreement with Banco De Oro Unibank (BDO) covering a loan of up to P5.6 billion over a two-year period.
In a disclosure to the Philippine Stock Exchange, Belle said the loan will be used to partly fund the planned $1-billion integrated resort complex along Roxas Boulevard.
Drawdowns from the facility will be amortized over five years from 2012 through 2017, Belle said.
The world-class integrated resort will include hotels, condotels, serviced apartments, swimming pools, spa, retail shops, restaurants, theaters, indoor and outdoor theme park, parking and meeting facilities.
Together with the SM Group, Belle is investing $1 billion in the project over a 25-year period. The SM Group will provide the entertainment facilities which include hotels, a sports arena, museum and an oceanarium.
While talks with Harrah’s Entertainment Inc. had bogged down, Belle expects to conclude shortly negotiations with a Macau-based gaming company that will manage its planned casino complex.
Targeted for completion in the third quarter of 2011, the casino complex will be developed in three phases over a five-year period. The first phase will comprise the casino with around 100 VIP suites and two 15-story hotel towers of 500 rooms with a Planet Hollywood theme.