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MANILA - Belle Corp. has sealed a deal with Macau casino operator Melco Crown Entertainment Ltd. for the development and operation of a $1-billion integrated resort complex at the reclaimed area in Manila Bay.
In a statement, the SM Group said its affiliate Belle and its wholly owned unit Premium Leisure and Amusement Inc. signed on Thursday a memorandum of agreement for a "collaborative partnership" with the MCE group, owned by Australian billionaire James Packer and Macau gaming tycoon Lawrence Ho, the son of gaming mogul Stanley Ho.
"Belle has agreed to join with MCE under a new consortium to create a premiere integrated resort complex," the Philippine company said.
The two companies are expected to enter into implementing and definitive agreements within the next two months.
MCE is the owner and operator of the resort complex in Macau known as “City of Dreams”. MCE was initially formed as a joint venture of Melco International Development Ltd. of Hong Kong and Crown Ltd. of Australia.
Belle fully owns PLAI, which was among the four companies that was granted a provisional license by state-run Philippine Amusement and Gaming Corp. to establish and operate casinos within its planned Entertainment City project.
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