Any transaction with PAGCOR needs approval from its board

Manila's Belle confirms seeking lease deal for second casino

(Philippines) - Philippine property and leisure firm Belle Corp said this week it was looking to lease at least 10 hectares of land from state gaming firm Philippine Amusement & Gaming Corp (PAGCOR) for its second casino project in Manila.
2012-02-10
Reading time 42 seg
(Philippines) - Philippine property and leisure firm Belle Corp said this week it was looking to lease at least 10 hectares of land from state gaming firm Philippine Amusement & Gaming Corp (PAGCOR) for its second casino project in Manila.

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.

Related topics:
Leave your comment
Subscribe to our newsletter
Enter your email to receive the latest news
By entering your email address, you agree to Yogonet's Condiciones de uso and Privacy Policies. You understand Yogonet may use your address to send updates and marketing emails. Use the Unsubscribe link in those emails to opt out at any time.
Unsubscribe
EVENTS CALENDAR