Andrew Tan jacks up investment in Entertainment City casino hub to P121B
Megaworld Corp. is investing an additional P54 billion in its 31-hectare Westside City township to bring its total investment in the project to P121 bilion.
Located at the booming Entertainment City along Manila Bay, Westside City is the last of the four gaming resorts to rise in Philippines? version of the Las Vegas gaming strip.
The additional investment, which will be made over a 10-year period, will be used mostly for residential and hotel projects. The amount is more than five times the P10 billion initially allocated in 2015.
?While a big portion of Westside City will be handled by Travellers International, Megaworld is pouring in a huge amount of money to expand our residential and hotel offerings within the township. The demand is high and we want to tap every available opportunity in this booming side of the metro,? said Francis Canuto, senior vice president and treasurer of Megaworld.
Megaworld is set to build two new homegrown hotel brands in Westside City, just in time for the initial opening of the casino complex in 2021. These are the 529-room Kingsford Hotel and the 685-room Grand Westside Hotel.
Apart from this, Megaworld is building the 15-tower Bayshore Residential Resorts, and the four-tower Gentry Manor.
So far, Westside City has 4,000 units of residential inventory worth around P50 billion.