City of Dreams Manila Backer to Build New Casino in the Philippines
Premium Leisure Corp, an investor in the City of Dreams Manila, is reportedly embarking on a new integrated resort (IR) project in the Philippines. As the country continues to focus on the development of its IR segment, hundreds of millions of dollars are pouring in.
An entrance to the City of Dreams Manila integrated resort in the Philippines. (Source: YouTube)
LISTEN TO THIS ARTICLE:Sources close to the matter have revealed to Reuters plans for a substantial investment of at least $300 million into a new casino resort located in the Clark Freeport Zone, Pampanga province. This move signifies a strategic expansion of Premium Leisure's presence in the country's burgeoning gaming and hospitality sector.
Related: International Entertainment Preparing $1.2B Casino Resort in the PhilippinesAccording to the report, which cites two anonymous sources, Premium Leisure has already taken the initial steps by applying for the necessary license to construct and operate the proposed casino resort. This development is poised to complement the existing entertainment and leisure offerings in the area, with plans for a convention center and a hotel included in the project's blueprint. The integration of these facilities is expected to bolster the region's appeal as a premier destination for both local and international visitors.
The investment comes on the heels of Premium Leisure's delisting from the Philippine Stock Exchange's main board on July 9. The company is now a privately-held entity under the umbrella of Belle Corp, which itself is a subsidiary of SM Investments Corp—recognized as the most valuable company in the Philippines. This transition marks a new chapter for Premium Leisure as it continues to seek a larger foothold in the growing gaming industry.
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Sep 18, 2024Clark Freeport Zone Expanding
Manila, and more specifically the Clark Freeport Zone, has been identified in recent reports as an emerging hub for integrated resorts. This vision has garnered support from the highest levels of government, with Philippine President Bongbong Marcos expressing endorsement for the development of the sector.
The national agenda is further reinforced by the commitment of Alliance Global Group (AGI), a major Philippine business conglomerate, which announced a significant capital expenditure plan amounting to PHP75 billion (US$1.29 billion) for the current year. This investment underscores AGI's dedication to fostering growth and elevating the country's profile as a leading leisure destination.
Travellers International Hotel Group Inc., the gaming and leisure arm of AGI, has been allocated PHP10 billion (US$172 million) of the aforementioned capital expenditure. Travellers, which operates Newport World Resorts situated near Manila’s Ninoy Aquino International Airport, intends to channel most of this money toward enhancing its high-end accommodation facilities.
A portion of the investment will be dedicated to developing the commercial aspect of Westside City, which includes building a grand opera house and cinemas. Westside City is a larger project where Suntrust Resort Holdings, a subsidiary of Hong Kong's LET Group Holdings, is constructing a significant IR complex through a leasing arrangement with Travellers.
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