“No more partner. It’s just us,” Villar told InsiderPH during an event by Colliers Philippines.
Partnership talks fell through
Villar, whose wealth is estimated at $17.2 billion by Forbes Magazine, had previously explored a partnership with a South Korean group, but talks apparently fell through.
With weak VIP junket activity, he may no longer see the need to tie up and share revenues.
Gambling sector-focused Inside Asian Gaming previously reported that Villar was in talks with South Korean junket operator Dowinn Group, which is also experiencing significant business challenges.
Villar sees the industry bouncing back
“When you enter that kind of business, you have to think long-term,” he said when asked about the outlook on the gaming sector, which continues to suffer revenue declines while online-based operators soar.
Recently, tycoon Enrique Razon Jr.'s Bloomberry Resorts, the country's largest operator of integrated casinos, announced a steep drop in profit while City of Dreams Manila operator Melco Entertainment is exploring the potential sale of the project.
Minimal investments needed
Villar’s first casino will rise in the renovated Vista Mall Global South in Las Piñas, which is located close to hotels, commercial centers and housing developments.
“The structure is finished. It’s a mall that I converted. We own the land, we own the structure,” he explained.
“How do you lose money when it’s all finished?” he added.
Property play
His other major objective with the casino is to drive up values in the south of Metro Manila, which includes the sprawling 3,500-hectare Villar City project.
“It’s an 80-hectare property in Sucat. I also want it to appreciate,” he said.
What’s next?
The project has yet to start, suggesting Villar is also cautious about the timing for the project’s launch.
By foregoing a foreign partner, he’s keen on hiring experts to run the casino instead.
“We need to have [experienced people], we’re getting a GM [general manager],” he said.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
