MANILA, Philippines – SM Investments Corp. (SMIC), the investment holding firm of the family of retail tycoon Henry Sy, is in talks with a foreign entity to operate the planned gaming facilities within the Mall of Asia complex in Pasay City.
SMIC executive vice-president and chief finance officer Jose T. Sio said they expect to conclude negotiations with the foreign proponent before the end of the year.
In December, SMIC obtained a provisional license from state casino franchise firm Philippine Amusement & Gaming Corp. (Pagcor), allowing it to develop a world-class entertainment and gaming hub on a 60-hectare property of its second biggest mall.
Sio said the casino will just comprise a small portion of the proposed world-class complex, pointing out that SMIC will only be providing the entertainment facilities.
Earlier reports said SMIC and Asia Pacific Gaming of Australia and a US-based casino operator held exploratory talks for a possible partnership.
Sio said the project will be undertaken by another unit of SMIC, with the first phase of development consisting of several hotels by leading international hotel chains like Raddisson and the upscale Regent brands.
High-end retail shops, a theater for the performing arts, a sports arena, residential condominium buildings, and a ferry terminal that will directly link the Mall of Asia with SMIC’s Hamilo Coast in Nasugbu, Batangas are also in the pipeline.
Aside from the high-end hotels, Sio said the SM group would put up SM-branded inns to cater to customers on a limited budget.
To pave the way for the development of the world-class complex, the SM group will tear down its one-level corporate headquarters in front of the Mall of Asia and move its offices to the Two-Ecom building currently under construction.