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Article: Belle to venture into casino business
- Article from:
- The Manila Times
- Article date:
- September 29, 2009
- Author:
CopyrightCopyright Content Parnership Pty Ltd Sep 29, 2009. Provided by ProQuest LLC. (Hide copyright information)
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THE developer of high-end Tagaytay Highlands said Monday that it would acquire Premium Leisure and Amusement Inc. (PLAI) from SM Commercial Properties Inc.
In a disclosure to the Philippine Stock Exchange, Belle Corp. said the company would acquire the entire outstanding capital stock of PLAI, a member of a consortium that will establish an entertainment complex.
PLAI was granted a provisional license by state-owned Philippine Amusement and Gaming Corp. (Pagcor) to develop Bagong Na-yong Pilipino Manila Bay Entertainment City.
"PLAI will be taking on the gaming component of the project and will contribute approximately P14 billion in infrastructure," Belle said.
Belle said its ...