International edition
October 24, 2020

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.

B

elle, 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.

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