MANILA – Three foreign companies have been approved to take part in a $15 billion Las Vegas-style casino and tourism complex in the Philippine capital, it was announced yesterday.

The project, which will incorporate casinos, luxury hotels and a golf course, will cover 90 hectares of reclaimed land on Manila Bay.

The firms are Aruze Corp. of Japan, Genting Berhad Group of Malaysia the parent company of Star Cruises, Bloombery Investments Ltd. of Australia and SM Investments Corp of the Philippines.

The project will form part of the new Manila Bay City development being launched by the state-owned Philippine Amusement and Gaming Corporation's.

Efraim Genuino, PAGCOR's chairman and chief executive, said the four companies had committed to invest between $2 billion two to three billion dollars each in the project.

"We found the project concepts of the four groups most acceptable. We require a certain level of development as well as a minimum investment of one billion for each project," Genuino said.

Construction work on the project is expected to start in the third-quarter of this year.*AFP

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