MANILA, Philippines – The consortium of Belle Corp. and Leisure Resources World Corp. (LRWC) is likely to tap the services of Macau-based Asia Pacific Gaming (APG), a leader in gaming consultancy, as it contemplates running and funding its proposed multi-billion peso integrated resort entertainment complex on its own.
Negros Occidental Rep. Alfredo “Albee” Benitez, majority owner and former president of LRWC, said the group may not take in a foreign strategic partner and could just hire APG to help them operate The Belle Grande Manila Bay, which is targeted for soft opening by the fourth quarter next year.
APG has extensive experience managing casinos and hotels in Macau and throughout the Asia Pacific region. It has been engaged by clients in South Korea, China, Macau, Philippines, Australia, New Zealand, Vanuatu, Tahiti, and the United States.
Based on its website, APG is headed by Ciarán Carruthers, a respected gaming executive with over 23 years in the industry (19 years in the Asia Pacific Region).
Carruthers was an early pioneer of the Macau gaming industry following the market’s liberalization. As a senior executive of the Galaxy Entertainment Group, Carruthers was instrumental in the successful $600-million bond offering, a historical first by an Asian gaming company, and was an integral part of the team that took the company public on the Hong Kong Stock Exchange.
Aside from Carruthers, other members of the APG team include seasoned gaming specialists Justin Casey, Julanne Minster and Glenn McCartney Phd.
“They (referring to APG) may have management responsibility but our engagement with them will remain as consultancy. Most likely we will finance and operate it ourselves. It is going to be a 100 percent local group. No foreign partner,” Benitez said.
Willy N. Ocier, vice chairman of Belle, said the group will hire local and foreign professionals to run the world-class integrated resort.
“Plenty of foreign groups are lining up for a piece of the action. We want to be sure we do the best deal. Our integrated resort is aimed at the huge foreign markets,” Ocier said.
The Belle Grande Manila Bay will offer more than 200,000 square meters gross leasable area, which is expected to become the most modern and largest integrated entertainment resort complex in the country.
Belle recently signed a P5.6-billion loan facility with Banco De Oro to fund the construction of the Las Vegas style casino complex. The gaming component will be done in three phases over a five year period with the first phase consisting of 100 VIP suites as well as two 15-storey hotel towers of 500 rooms. The casino will have 1,500 slot machines and 250 tables.
Together with the SM Group, Belle has committed to inject $1 billion into the project over a 25-year period. The SM Group will be in charge of non-gaming developments which include hotels, a sports arena, museum, and an oceanarium.
Standard & Poor’s said gaming operators in Asia-Pacific are expected to continue strong growth, underpinned by resilient regional markets with an expanding middle class.
The Belle Grande Manila Bay will form part of a $20-billion project which PAGCOR hopes will turn 120 hectares of reclaimed land on Manila Bay into one of Asia’s biggest gaming and resort destinations.