Global Casino BOOM

Quite frankly, I’m shocked that this announcement hasnt made noise yet. I think this is really big news, so heres the scoop…

The Philippines has talked for years about creating “Pagcor City”, a massive casino and entainment district in Manila Bay that could rival the Cotai Strip with the hope of stealing a piece of the gaming pie from Macao. Earlier this month there was a flurry of announcements and news items saying that the Philippines government finally gave the green light for the complex (now called Manila Bay Tourism City). From everything Ive read it sounds like all systems are go.

Aruze, the Japanese company best known as a pachinko and slot machine manufacturer, along with three other applicants were given the nod as the phase I developers of Manila Bay’s Tourism City just a few weeks ago. In Aruze’s recent press release dated April 25, the company provided details that they plan on building a $2.5 billion casino resort on 40 hectares of land that would include a casino hotel, “Manila Eye” ferris wheel, art museum, acquarium, commercial facilities, etc. According to the press release, Aruze expects to get licensed sometime between May and July 2008, with the expectation to commence construction around January 2009 and open its casino around April 2010.

Now heres the kicker. Aruze announced that they would “proceed with the project under the full guidance of Wynn Resorts, Limited’s Steve Wynn.” For those that may not be aware, Aruze owns more than 20% of Wynn Resorts, and Aruze touts its relationship with Wynn on its website saying, “Wynn Resorts, Limited is ARUZE’s joint venture with Steve Wynn, casino industry pioneer and renowned developer of numerous casino hotels in Las Vegas. We at ARUZE view Wynn Resorts as one of the key components of the ongoing expansion of our overseas operations.” Personally, I read into the announcement that this could be a management contract for Wynn, or even more, considering the joint venture nature of the two companys’ relationship.

Wynn has a conference call scheduled for its investors later this week, so maybe we will get more information at that time. But in the meantime, ifAruze is now openly making these claims, you’d have to think there is something to it. We’ll find out I guess.

Aruze press release