Manila  - The construction of a 150-hectare Philippine gaming city was scheduled to start early next year, a senior official of a state-owned gaming firm said Wednesday.

Rafael Francisco, president of the government-owned Philippine Amusement and Gaming Corp, said the project has hurdled regulatory and moral issues and has been endorsed by the local government of Pasay City in metropolitan Manila, the last in the long list of pre-construction requirements.

"We expect to begin construction by first quarter of next year," he said. "It will take about five years to complete."

The project, which sits on reclaimed land in Manila Bay, will consist of five to eight hotels, theme parks, casinos, shopping malls and other recreational establishments.

Francisco said the project will cost an estimated 15 million dollars and three local and foreign companies have already expressed their interest in investing in what is dubbed as the Philippines' Las Vegas.

Francisco said the project is expected to generate at least 400,000 jobs. (dpa)