Villar Set To Invest Over $1bn To Develop Two Casinos In Metro Manila

Summary:

• Manuel Villar is the 2nd richest man in the Philippines
• Villar will invest over $1 billion to develop two casinos in Metro Manila
• Villar and his company will partner with an unnamed South Korean operator

The gaming industry in the Philippines is going to get a lot bigger and business in the next few years.

Manuel Villar who was recently ranked the 2nd richest man in the Philippines based on the “Philippines’ 50 Richest 2023” from Forbes has announced plans to develop two casinos in the country.

Villar Will Invest $1 Billion In Metro Manila

Manuel Villar is set to invest over $1 billion in developing two massive casino resorts in Metro Manila. The first project will be developed on 8,649-acres and will be called Villar City and will be based in in Las Piñas. The second casino project will also be developed in in Las Piñas and will be bigger than the first project.

Vista Mall Global South will be a part of Villar City and will be located in the southwest part of the National Capital Region (NCR). Villar City will also be home to a university, theme park and a central business district (CBD).

Villar has also announced that this firm will team up with a South Korean partner to develop the casino project but did not name the South Korean partner. The decision to team up with a South Korean partner is a strategic decision as the Department of Tourism has announced that over 25 percent of tourists in the first seven months to the Philippines have been from South Korea.

Villar Betting Big On The Gaming Market

The Sy siblings hold the number one spot for being the richest individuals in the Philippines. Villar who is ranked in 2nd place is estimated to have a net worth of $9.7 billion, just ahead of billionaire Enrique Razon who owns Bloomberry Resorts Corp., the company which runs Solaire Resort & Casino in Parañaque, Philippines.

Villar is betting big on the gaming market in the Philippines by going ahead to develop two casinos simultaneously. It’s a calculated bet by the billionaire as Philippine Amusement and Gaming Corp (Pagcor) chairman Alejandro Tengco has announced that gross gaming revenue (GGR) are likely to double from $3.77 billion in 2022 and go up to $7.65 billion by 2028.