Caesars eyes Manila airport site for $1.5b casino project

Caesars Entertainment is eyeing a site next to Terminal 2 of the Ninoy Aquino International Airport in Manila for a $1.5 billion integrated resort in the Philippines, local media reports.
The property would be on mostly idle government land of about 30 hectares.
The company has brought in foreign experts to consult on the redesign and to connect terminals 1 and 2 via a light transit railway. The company would aim for as many as 3.5 million visitors annually, the reports said.
Steven Tight, Caesars president for international development, was cited as saying the airport’s capacity would also be expanded with a new control tower with technologically advanced equipment that can guide aircraft 150 miles away, instead of the present 50 miles to allow more take-offs and landings.
The company expects to generate 20,000 jobs initially and make the Philippines a major tourist destination.
Meanwhile, Caesars posted weaker-than-expected results for Q3. The casino operator reported a loss per share of $6.29, wider than a loss of $6.03 a year prior, on net revenue of $2.2 billion, up from $2.1 billion a year prior. The Street expected a loss of $1.67, if comparable, on revenue of $2.3 billion, according to Capital IQ.
Caesars also announced the appointment of Eric Hession, the company’s senior vice president and treasurer, as Chief Financial Officer, effective January 1, 2015. Hession will succeed Donald Colvin, who is retiring from the company effective December 31, 2014.