Belle, controlled by the country's richest man Henry Sy, confirmed a Reuters report on Tuesday quoting PAGCOR chairman and chief executive officer Cristino Naguiat that the firm wanted to acquire a 10-hectare property within a casino-entertainment complex, the development of which could cost us$ 1 billion. But the firm said it has not reached any agreement yet with PAGCOR on any lease or land acquisition.
"We confirm that Belle Management has requested PAGCOR for a lease proposal on at least 10 hectares of land within PAGCOR City, insofar as the transaction will also allow Belle to build a second casino after its Belle Grande Manila Bay project," Belle said in a disclosure after the stock exchange sought its comments following the Reuters report.
Belle said any transaction with PAGCOR needed approval from its board.