Filipino billionaire Andrew Tan is digging $2.33 billion out of his company’s pockets to fund the development of the Westside City casino strip in PAGCOR’s Entertainment City.
In a disclosure to the Philippine Stock Exchange, Tan-led property developer Megaworld announced that it is allocating an additional PHP54 billion ($1.04 billion) for the development of the 31-hectare property for the next 10 years.
Tan’s property arm had initially committed to shell out PHP10 billion ($192 million) for the casino strip project in 2015.
Including the PHP57 billion ($1.1 billion) investment of Megaworld’s affiliate, Travellers International Hotels Group Inc., the group’s combined capital expenditure for the township is now at P121 billion ($2.33 billion) or 80 percent higher than the original commitment.