MANILA, April 3 (Xinhua) -- After local and international investors pledged to participate, the project to construct a grandcasino resort by the Manila Bay is moving closer to reality, local media said Thursday.

    The 40-hectare Las Vegas-like Bagong Nayong Pilipino-Manila Bay Integrated City will consist of a casino, hotels, shopping malls and other entertainment facilities, the Philippine Daily Inquirer said, adding that the casino resort will have 2, 000 standard rooms and 300 VIP suites.

    "Its main features would be an oceanarium targeted to be the world's largest, theaters and a giant Ferris wheel similar to the London Eye and to be called the Manila Eye," the report said.

    The one-billion-U.S. dollar-worth project has attracted at least four qualified investors, including the country's second-largest conglomerate SM Investments Corps, and Malaysia's Star Cruises, the world's third-biggest cruise operator.

    The project proposals of the four groups have been approved by the Philippine Amusement and Gaming Corp. (Pagcor). The actual development is expected to start in the third quarter of the year.

    After put into operation, the casino resort is expected to boost foreign tourist arrivals by up to 3 million individuals annually, and generate over 250,000 jobs, the report said.