Billionaires grace City of Dreams Manila’s grand opening
CITY OF DREAMS Dubbed City of Dreams, this is the country’s newest, $1-billion integrated resort and casino, which opened Monday at Pagcor Entertainment City. The facility, a partnership with the SM group, lies on Aseana Avenue corner Roxas Boulevard in Parañaque City. It has around two hectares of gaming space and more than 900 hotel rooms and restaurants. RICHARD A. REYES
BILLIONAIRES James Packer and Lawrence Ho, co-chairs of Macau casino giant Melco Crown, shared upbeat prospects for the $1-billion City of Dreams Manila as they flew back to town for the grand opening of the country’s newest integrated resort on Monday.
“I can see tourism growing hugely in the Philippines,” said Packer.
City of Dreams, the second integrated resort to rise at Pagcor Entertainment City, is a partnership with the SM group.
The property welcomed 60,000 visitors during its soft opening December 14 last year and now attracts an average of 15,000 visitors daily, Clarence Chung, chair and president of Melco Philippines, said in a press briefing.
Packer said the new integrated resort property had exceeded his highest expectations. Together with partner Ho, Packer said he was interested only in “developing things at the highest standards.”
With a rapidly growing economy, a 100-million domestic population comprising mostly of young people, Packer said he was optimistic on local business.
“I think it’s true. I think you do have more fun in the Philippines, Packer said.
Ho said: “Our ability to bring together and work with leading names in the entertainment, hospitality and lifestyle sectors was key to realising City of Dreams Manila, which will now set the benchmark for entertainment-inspired leisure destinations globally.”
The property is featured in special TV promotional film specifically commissioned by Melco Crown and starring Hollywood celebrities like actors Robert de Niro and Leonardo DiCaprio as well as film director Martin Scorsese. The film was produced by Brett Ratner, director of blockbusters such as “Red Dragon,” X-Men: The Last Stand,” “Hercules” and the “Rush Hour” film franchise.
Ho said Melco Crown intended to be in this market for a long time.
Chung said the gaming and non-revenue mix would not likely be as extremely skewed towards gaming like in Macau given that the Philippine property was designed to have a lot of hotel, food and beverage and other non-gaming entertainment amenities.
“Philippine community, they do go to good food and enjoy themselves…Macau is more serious when people play. Here it’s more relaxed,” he said.
Asked about the impact of the crackdown on Chinese high-rollers on local business, Chung said this has had a more pronounced impact on the Macau business. But in the case of the Philippines, he noted that the country was still growing its foreign visitor arrivals from multiple markets. He noted that the country was able to attract over four million foreign visitors from various countries last year.
Chung added that the Philippine gaming market – with an estimated $2.2 to $2.3 billion in revenues as of last year – was mostly domestic-driven at present.
City of Dreams has about two hectares of gaming space, more than 900 hotel rooms operated under three hotel brands – Crown, Hyatt and Nobu, the DreamPlay indoor amusement park and about two hectares of restaurant and retail space.
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