SM Investments Corporation, controlled by Mr Sy’s family, said that its affiliate Belle Corp had signed a deal with Macau’s Melco Crown Entertainment.
Melco is co-owned by Mr Ho and Mr Packer.
The project will be built at a site on Manila Bay called Entertainment City.
The partners signed a memorandum of agreement and will ”enter into implementing and definitive agreements within the next two months”, said a statement by SM Investments Corporation.
The development in Manila is Melco’s first project outside Macau, where it runs two casinos and is currently building a third.
The company said it is looking at opportunities across Asia as the region is expected to be the fastest growing gaming region in the world.
”The Philippines is a popular tourist destination in Southeast Asia and is closely located to a range of important tourism markets, including South Korea, Taiwan, Japan and China,” Melco Crown said in a statement.
The first large-scale casino complex in the Philippines, Resorts World Manila, opened in 2010.