MANILA: Philippine property firm Empire East on Tuesday confirmed it would invest more than $1 billion in a joint venture with Japanese gambling tycoon Kazuo Okada.
Empire East said in a disclosure to the stock exchange that it would develop "at least 25 upscale residential towers" in Entertainment City, a gambling and resort com
plex on Manila Bay.
The firm, owned by Filipino real estate tycoon Andrew Tan, would invest 45 billion pesos ($1.07 billion) and have a majority stake in the project, it said.
Its partners in the joint venture are the Okada Group, Tiger Resort Leisure and Entertainment, and Eagle 1 Landholdings.
Philippine authorities are looking to turn Manila into the world's number-two gaming destination ahead of Singapore and Las Vegas, and behind only Macau.
Empire East, primarily known for middle-income housing, did not say how much Okada's group would be investing in the project, and Empire East spokesmen could not be contacted for comment.
Gaming regulator Philippine Amusement and Gaming Corp. has previously granted an Okada-backed group a licence to build a casino at Entertainment City.
Similar licences were granted to Malaysia's Genting Group, Bloomberry Resorts Corp. and a local firm that has teamed up with Australian billionaire James Packer and Macau gambling tycoon Lawrence Ho.
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