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Packer eyes Philippines casino venture

Last edit: macauman on Sunday, 15th June 2008 5:05 pm
Last response by macauman 17th June 6:13am

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 Chuckmonster responded on Monday, 16th June 2008

The plot thickens...

 Chuckmonster replied on Monday, 16th June 2008

as if it weren't thick enough?

 macauman replied on Monday, 16th June 2008

Casino moguls....In pursuit of world domination.

 macauman replied on Monday, 16th June 2008

(as he puts his pinky to his lip), Wahahahaaaaah....

 Chuckmonster responded on Monday, 16th June 2008

so this is going to be a Crown LTD job, not MPEL. Interesting. The question is, how hungry the Filipinos are for gambling? And the Singaporeans?

 macauman replied on Tuesday, 17th June 2008

Yep, its a Crown ltd. deal. Foreign investors could only control up to 49 percent of the Manila Bay projects and Mr Packer was negotiating a partnership with members of the Alvarez family. The family owns the Columbian Autocar Corp, which is the largest maker and distributor of cars and buses in the Philippines.

Well, in Singapore if locals want to gamble they will have to pay some hefty fees. Interestingly, to dampen local casino demand, Singapore residents will have to pay either S$100 (HK$475) a day or S$2,000 a year to play. Also, kinda interesting is that Merrill Lynch forecasts that only a third of a Singapore casino resort's revenue would come from tourists. And since Singapore gov. only allows a very small portion of Singapore's casinos to contain gaming space, instead of other attractions, the majority of their revs are expected to come from the entertainments side, not gaming. Don't know about the filipinos.