A US-based investment group and a Macau casino junket operator want to build two new resort casinos in the Philippines.

Sino-American Gaming Investment Group, which is controlled by Denver-based Riskwise Group, has teamed with Macau VIP gaming promoter Macau Resources Group, which operates a VIP room at Galaxy Macau, on a pair of casinos in the Philippines. The companies plan to spend up to $1b on the two properties, one of which would be built on the island province of Cebu and the other near a proposed airport on the island of Napayawan in Masbate province.

Sino-American Gaming managing director Michael Foxman told Reuters that the group would enlist hotel chain Banyan Tree to assist the development. Project backers are also looking to recruit the Marriott hotel group and an unidentified Las Vegas company to provide ‘entertainment.’

Francis Hernando, VP of gaming licensing at national regulator PAGCOR, acknowledged receiving letters of intent from the companies but offered no assurance that the plans would receive regulatory approval. PAGCOR has its hands full overseeing the growth of its Entertainment City resort casino hub in Manila. There are currently two Entertainment City casinos already taking bets – Bloomberry Resorts’ Solaire Resort Casino and Melco Crown Entertainment’s City of Dreams Manila – with two more set to open in the next few years.