MANILA, Philippines -- Belle Corp. and subsidiaries of Macau casino giant Melco Crown Entertainment Ltd. have closed the transactions under the Cooperation Agreement they signed in October last year for the $1-billion gaming complex in PAGCOR Entertainment City.

As a result, the parties have signed among others, an Operating Agreement "for the operation of an integrated casino, hotel, retail and entertainment complex," Belle said in a disclosure on Wednesday.

The agreement was signed by Belle, its subsidiary PremiumLeisure and Amusement Inc, and Melco's subsidiaries, MCE Leisure (Philippines) Corp., MCE Holdings (Philippines) Corp., and MCE Holdings No. 2 (Philippines) Corp.

"Belle and related Philippine parties, on the one hand, and MCE Leisure and its affiliates, on the other hand, as co-licensees, are expected to make equal investment contributions to the project," the Henry Sy-led gaming firm said.

The integrated casino complex will be built on Belle's property at the PAGCOR Entertainment City in Parañaque City, and will be among the four billion-dollar-gaming destinations in the site.

Willy Ocier, Belle's vice chairman, said in the disclosure "We are confident that MCE (Melco) will bring its expertise in developing and operating a highly successful integrated resort complex and strongly contribute to promoting the Philippines as one of Asia's premiere tourism destinations."