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September 24, 2021

“Company does not have any specific plans to pursue this”

SM Group slows roll on Cebu casino talk

SM Group slows roll on Cebu casino talk
All the talk about SM Group’s plans to develop a casino in Cebu may be premature, at least according to a filing issued by SM Investments Corp. late last week.
Philippines | 03/31/2015

All the talk about SM Group’s plans to develop a casino in Cebu may be premature, at least according to a filing issued by SM Investments Corp. late last week.

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ocal Philippine newspaper the Philippine Star quoted SM Investments chief financial officer Jose Sio saying that it was considering a casino project on 30 hectares of available land in the Philippines’ Queen City of the South.

But once word of Sio’s comments made the rounds, the company played down the report, saying that no specific plans are on the table and that his comments were taken at out of context.

“At the Latham and Watkins Conference, we only mentioned the possibility of having a gaming project in Cebu given the development in the area,” Sio said in a filing to the Philippine Stock Exchange. “However, the company does not have any specific plans to pursue this as it will depend on market condition and prevailing government policy.”

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