The area is most well known for being home of the SM Mall of Asia, the third largest mall in the Philippines, Aseana City, an integrated mixed use central business district serving the Bay Area, Entertainment City with Las Vegas-style casinos, amusement parks, theaters, office building, hotels, residential buildings and resorts. The project is under the Philippine Amusement and Gaming Corporation (PAGCOR) owned by the Philippine government. Entertainment City is Asia's newest gaming and entertainment complex that PAGCOR proposed on of land on the reclamation area of Manila Bay. It lies on the western side of Roxas Boulevard in Parañaque and south of the SM Mall of Asia Complex. Investments to the project could reach up to $15 billion, which was scaled down from the more recent $20 billion budget announcement that had been previously announced in 2007. The first integrated resort complex to open in Entertainment City is Bloomberry-owned Solaire Resort & Casino on March 16, 2013. It was followed by City of Dreams Manila (soft opening December 14, 2014), Okada Manila (opened December 2016) and Resorts World Bayshore (opening in 2018). Although the PEA advertises Bay City as the "new business capital" of Manila, development is proceeding slowly.