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Bloomberg

The Philippines laid down a challenge to Las Vegas and Macau as a global gambling destination with the opening of a US$1 billion casino complex run by billionaires Lawrence Ho Yau-lung, James Packer and the Philippines' richest man, Henry Sy.
Yesterday's grand opening of the City of Dreams Manila came as official figures showed casino revenue in the top global gambling venue of Macau plunged for an eighth straight month in January.

Watch: The next step in making Manila a gambling tourist destination
The decline of 17.4 per cent over a year earlier followed the mainland's economic slowdown and President Xi Jinping's high-profile crackdown on graft. Last year, revenue from the city's 35 casinos fell 2.6 per cent to US$44 billion.
The Philippines is expanding its gaming sector to meet regional demand after Macau and Singapore successfully built resorts that combine luxury hotels, shopping, entertainment and gambling.
The project is a venture between Melco Crown and Sy, majority owner of the country's biggest shopping mall operator and its largest bank by assets. It is the second of four integrated resorts planned for the 297-acre Entertainment City, a Las Vegas Strip-style casino hub.
Explaining why he had picked Manila for the casino, Ho, the son of Macau gaming magnate Stanley Ho Hung-sun, said: "James and I started this company 10 years ago and our vision was always to find a great location in Asia to build in. Our philosophy is very simple. We want to build things we're proud of."
He added: "The Philippines has been one of the fastest growing economies in the world in the last few years."
Australian Packer, who is Melco's co-chairman, noted the Philippines' strong economy, its 100 million people and rising tourism.
Clarence Chung Yuk Man, chairman and president of Melco Crown Philippines, told the South China Morning Post the gaming market in the Philippines was large, drawing US$2.3 billion last year.
Philippine gaming revenues could reach US$4.8 billion by 2017, when three of Entertainment City's four casinos are running, according to Australian investment bank Macquarie.
City of Dreams Manila and a US$500 million expansion completed in November by Solaire, the district's first resort, will help lift revenue to US$3.94 billion this year from about $2.98 billion in 2014, Macquarie said.


City of Dreams Manila opens in the Philippines

Visitors pose for a photograph below signage for the City of Dreams Manila casino resort in Manila, Philippines. Photo: Bloomberg

Tourist and casino players arrive at the grand opening of the City of Dreams mega-casino in Manila. Photo: AFP

Lawrence Ho (second right) with his wife Sharen (centre), son of Macau gaming tycoon Stanley Ho, and co-chairman of Melco crown, and his co chairman, Australian billionaire James Packer (second left) arrive at the grand opening of the City of Dreams mega-casino in Manila. Photo: AFP

Australian billionaire James Packer and Melco crown co-chairman (right) and with his co-chairman Lawrence Ho (centre) speaks next to a video screen showing Hollywood legends (top from left) Robert de Niro, Martin Scorcese and Leonardo DiCaprio during a press conference at the newly-opened City of Dreams mega-casino in Manila. Photo: AFP

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Opening of US$1b City of Dreams in Manila comes as Macau stutters


Yesterday's grand opening of the City of Dreams Manila came as official figures showed casino revenue in the top global gambling venue of Macau plunged for an eighth straight month in January.


City of Dreams Manila opens in the Philippines

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Opening of US$1b City of Dreams in Manila comes as Macau stutters

Opening of US$1b City of Dreams in Manila comes as Macau stutters