Universal Entertainment Corp. to invest in Philippines casino
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.