Philippines okays USD 500M integrated resort project in Cebu
The Southeast Asian nation, whose gaming sector grew in popularity and revenues as China's crackdown on corruption scared wealthy Chinese players away from Macau, aims to spread gaming projects to the provinces, while the three existing integrated casino resorts ramp up operations in the capital.
"Cebu is the second largest metropolis in our country," Andrea Domingo, chairman of the Philippine Amusement and Gaming Corp (Pagcor), told a briefing. "There are cities there near the airport where the local governments welcome casinos."
A Filipino-owned company will put up a $500-million casino complex in Lapu-Lapu City in Cebu, while a Hong Kong-based firm is applying for a license to invest $300 million in a casino venture on the adjacent island of Mandaue, Domingo said.
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