James Packer has deposited $100 million toward the development of a casino resort project to be built in the new Pagcor City in the Philippines, according to the South China Morning Post.
Pagcor's president and chief operating officer Rafael Butch Fransciso has revealed that Packer is the owner of Bloomsbury Investments, a British Virgin Islands firm that is one of four private developers seeking a gaming license in the new Pagcor City being built in Manila Bay.
Packer is negotiating a partnership with the Alvarez family, which owns Columbian Autocar Corp, because foreigners are not allowed to control more than 49 percent of a Manila Bay project, according to Mr. Francisco. He added that Packer is acting in his own capacity, and that at this point his actions do not involve his flagship Crown brand of gaming entertainment.
The first phase of Pagcor City's development calls for about $6 billion in investments for four casino resorts to be built on a 95-hectare area of land.
Aruze Corp, SM Investments, and Genting Group's Star Cruises are the other three firms planning to build in Pagcor City, according to the South China Morning Post.