Universal Entertainment Corp. to invest in Philippines casino

By Chris SierotyLAS VEGAS REVIEW-JOURNAL

September 29, 2011 - 1:03 am

Universal Entertainment Corp. will invest $2.3 billion in a casino project in the Philippines as the demand for gambling venues in Asia grows, the company said Wednesday.

In an emailed statement, the Tokyo-based company and largest shareholder in Wynn Resorts Ltd., said $350 million was spent to purchase the site in 2008, while $1.6 billion will be spent on the construction of the casino and hotel.

An additional $350 million will be invested on a residential project. The company, which owns 19.7 percent of the casino company founded by Steve Wynn, said it began building its Manila project in June.

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