MANILA, June 3 Chicago-based Hyatt Hotels Corp
has signed an agreement to manage Melco Crown
(Philippines) Resorts Corp's City of Dreams hotel in
Manila's newest gaming hub, the two firms said on Tuesday.
The two groups did not disclose any financial details of the
The twin-tower hotel to be branded Hyatt City of Dreams
Manila forms part of the $1.3 billion integrated casino resort
that Melco Crown Entertainment Ltd will open this year
in Entertainment City, Manila's version of Las Vegas gaming
It is Melco's first casino venture outside of Macau, seeking
to offer wealthy Chinese punters and other Asian high rollers an
alternative gambling destination.
Hyatt City of Dreams will feature 365 rooms and provide
access to three entertainment venues in the casino complex,
Hyatt and Melco Philippines said in joint statement filed with
Manila's stock exchange.
Last year Melco Chief Executive Lawrence Ho said his group
was planning to build three hotels in City of Dreams Manila,
including a 260-room premium hotel under the Crown Towers chain
owned by Ho's partner in Melco, Australian billionaire James
In January, Melco announced luxury boutique hotel chain Nobu
will set up its first Asia hotel in City of Dreams Manila
featuring the largest nightclub in the city and a
Hollywood-style theme park.
City of Dreams Manila will compete with the $1.2 billion
Solaire Resort & Casino of Bloomberry Resorts Corp,
owned by the Philippines' fourth-richest person, Enrique Razon.
Solaire is the first to open among four casino resorts
licensed to operate in Entertainment City in the Manila Bay
area. The other two licensees are Travellers International Hotel
Group Inc, a venture between Genting Hong Kong Ltd
and Philippine conglomerate Alliance Global Group Inc
, and Universal Entertainment Corp of Japanese
billionaire Kazuo Okada.
Melco's Philippine partner is Belle Corp, owned by
the Philippines' richest man, Henry Sy Sr. Belle announced on
Tuesday a consolidation of its gaming assets including its stake
in City of Dreams Manila under a separate listed entity,
(Reporting by Erik dela Cruz; Editing by Matt Driskill)