Melco Crown (Philippines) Resorts Corp., a subsidiary of gambling operator Melco Crown Entertainment Ltd., announced earlier today that its property City of Dreams Manila has been awarded a regular gaming license by PAGCOR, known to be the Philippine gaming regulator.
City of Dreams Manila is the first integrated resort in Entertainment City to be granted such license, as Melco Crown managed to meet the minimum investment of US$1 billion required by PAGCOR.
Earlier today, Jorge Sarmiento, President and Chief Operating Officer of the gambling regulator, presented the license to Lawrence Ho, Melco Crown’s Co-chairman and Chief Executive Officer.
The company was granted a provisional license back in January 28, 2013. The regular license is due to expire on July 11, 2033.
City of Dreams Manila had its soft opening in December 2014 and its official launch in February 2015. Its construction cost US$1.3 billion to its owners. The complex spreads over a 6.2-hectare site and currently offers to its visitors numerous entertainment, accommodation, dining, and retail options. Furthermore, it features gambling facilities intended for both VIP and mass market players with as much as 375 gaming tables, 1,700 electronic table games, and 1,700 slot machines.
DreamPlay by DreamWorks, Family Entertainment Center, the first one to open doors in Manila, and the CenterPlay, a live performance lounge inside the casino floor, are among the most notable attractions offered to visitors of the resort.
Mr. Ho commented that they are “proud and honored” to be awarded the regular license, as this points to the confidence PAGCOR has in the gambling operator and its partners in the Philippines. He also said he was pleased with the fact that City of Dreams Manila has created more than 5,000 jobs for residents of the country. The executive promised that Melco Crown will keep on catering the constantly growing middle class market in the Asia-Pacific region and providing an exciting travel destination as well as numerous entertainment options to its visitors.
Mr. Sarmiento pointed out that since its launch, City of Dreams Manila has shown “strong operating competency.” In addition, it has contributed significantly to the country’s casino resort industry and its strategy to turn into the “fastest growing economy among emerging markets in Southeast Asia.”
