Melco Crown Entertainment has formally opened its $1 billion casino and entertainment resort in the Philippine capital.

The company's co-chairman and CEO Lawrence Ho said the opening Monday of the City of Dreams Manila is part of the company's plans to have casinos across Asia.

It operates casinos in the world's biggest gambling market, Macau. China's corruption crackdown has deterred high-rolling mainland gamblers from Macau's casino tables in the past year.

Australian billionaire James Packer, who is Melco's co-chairman, noted the Philippines' strong economy, its 100 million people and rising tourism.