Melco Crown (Philippines) Resorts Corp. on Wednesday announced a large budget increase for its City of Dreams Manila casino resort.

The company said the total budget for the project will increase from $680 million to about $832 million by the time of opening. The company did not provide a reason for the 22% increase. The project will officially “open in 2014 ″.” Industry sources at GRRAsia said the initiative faced cost pressures and challenges in hiring high-quality employees.

Bloomberg reported late Wednesday that Melco Crown (Philippines) Resorts Corporation plans to raise up to $129 million (W129 million) in the sale following the announcement of the budget hike.

The terms of the deal, obtained by Bloomberg, will provide 485.2 million shares for 11.30 pesos to 11.70 pesos each.

Trading in Melco Crown Philippines shares has been suspended since 9 a.m. on Wednesday at the company’s request. The price range is 3.9% to 7.2% off Tuesday’s close of 12.18 pesos. The company said it plans to resume trading in the stock on Thursday.

In October last year, Hong Kong-based parent Melco Crown Entertainment said it would increase its budget for the Manila venture by 10% to $680 million.

Armin Santos, vice president of integrated resorts at Belle Corp., Melco Crown’s local partner, confirmed last month that the partners’ goal is to open the City of Dreams Manila in October to coincide with China’s Golden Week during G2E Asia 2014. Belle is controlled by SM Group, led by Henry Sy, the breadwinner of the rich Philippines. The property will be operated by Melco Crown in the Philippines.

The budget increase was approved at a special meeting of the board of directors on Wednesday, according to a company filing with the Manila Stock Exchange. Directors also approved replenishing undisclosed shares to raise funds.

The announcement came after the Philippine Stock Exchange suspended trading in Melco Crown (Philippines) shares at the company’s request, with trading set to resume on Thursday.

According to previous data, the casino resort has now received allocations for 365 game tables, 1,680 slot machines, and 1,680 electronic table games from the Philippine Regulatory and Licensing Authority, Pagcor. 바카라사이트

Melco Crown (Philippines) earlier this month announced a hotel management agreement for its Hyatt-branded hotel in Dreams Manila. The hotel will feature 365 rooms, two food and beverage spaces, a fitness center, a VIP lounge and an outdoor swimming pool, the company said.

The game operator previously said the 6-Tower Manila property would have about 260 Crown Tower hotels, using the brand of Crown Resorts Inc., one of the two controlling shareholders of parent company Melco Crown.