Casinos hope to cash in on rising wealth

More than three years after opening the luxurious nightclub Pangaea in Singapore's glitzy Marina Bay Sands, owner Michael Van Cleef Ault is now betting that Manila's casinos will be able to draw rich gamblers and partygoers through his doors.

The founder of some of the world's most popular luxury clubs launched two nightclubs in casino operator Melco Crown Entertainment's $1 billion-plus City of Dreams casino resort, hoping to capitalize on rising wealth in the Philippines, which last year was the fastest growing Asian economy after China.

"We want to bring more people to Manila, make Manila more of a club destination, a destination for other things, for luxury, for clubbing, and these integrated resorts will only add to that," Ault said at the newly opened Pangaea in Manila.