Entertainment City, the Philippines' version of Las Vegas, or Macau, has finally been green-lit for construction to begin in early 2009.
"We expect to begin construction of the project by first quarter of next year," Rafael Francisco, president of Philippine Amusement & Gaming Corp, or PAGCOR, said.
Government-run PAGCOR is bankrolling the project, which will take about five years to complete.
Mr. Francisco said three big companies have already expressed interest to invest in the project-- which lies on a 150-hectare reclaimed property near the SM Mall of Asia -- Japan's Aruze Corp., Alliance Global, and the SM Group of Companies.
The Entertainment City, which is expected to bring in total investments of around $15 billion, is envisioned to have about 6 to 8 hotels, theme parks, shopping malls and other recreational establishments resulting in the creation of around 400,000 jobs, according to Mr. Francisco.