AB Leisure seeks P2-billion loan for casino project

MANILA, Philippines - AB Leisure Global Inc. (ABLGI), a wholly-owned unit of publicly-listed Leisure & Resorts World Corp. (LRWC), is negotiating for a P2-billion loan with Banco De Oro Universal Bank to fund the multi-billion peso casino complex that will rise along the Manila Bay reclamation area.

LRWC was mandated by Belle Corp. to operate and manage the gaming component of a planned $1-billion integrated resort complex along Roxas Boulevard to be called Belle Grande Manila Bay, for a period of 10 years.

LRWC said ABLGI also approved the increase in its capitalization from the present P5 million to P100 million divided into one million shares with a par value of P100.

ABLGI’s board also approved a plan to engage the services of Asian Pacific Games Corp. (APG), a company established in Macau, to provide management expertise in the operation of the casino.

APG has extensive experience managing casinos and hotels in South Korea, China, Macau, Australia, New Zealand, Vanuatu, Tahiti and the United States.

Belle wholly-owns Premium Leisure & Amusement Inc. which was granted a provisional license by the Philippine Amusement & Gaming Corp. to establish a casino within the reclaimed area.

Under the agreement, LRWC shall get 15 percent of net winnings or 50 percent of the casino’s cash flow, whichever is higher.

Hoping to take a slice of the booming Asian gaming market, Belle Grande Manila Bay will make available 15,000 to 20,000 square meters of gaming space in the next three years with a total of 1,600 slot machines, 300-320 tables and 1,500 hotel rooms.