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Friday, March 29, 2024

Calata seeking Pagcor license

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A group led by Calata Corp. said it expects to secure a gaming license from state-run Philippine Amusement and Gaming Corp. by the end of 2017 for its P65-billion gaming and leisure complex in Cebu.

Calata Corp. teamed up with Sino-America Gaming Investments Group Llc and Macau Resources Group Ltd. to acquire and develop a 14-hectare property on Mactan Island in Cebu into an entertainment and gaming complex called Mactan Leisure City.

Calata said in a reply to inquiry from the Philippine Stock Exchange the project secured letters of no objection and support from the governor of Cebu, mayor of Lapu-lapu City, business and civic groups and the Catholic church and resolutions of no objection from the city council of Lapu-lapu and barangay council of Mactan.

Calata said the letters were long standing mandatory Pagcor application requirements for all gaming projects outside Entertainment City in Parañaque City.

“The target submission of the complete application with Pagcor will be by late October 2017,” Calata said.

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Calata said last week it teamed up with Sino-America and Macau Group to form a company that would acquire various real properties which shall then be leased to developers and third parties.

The parties intend to transform the corporation into a real estate investment trust company to be listed with the Philippine Stock Exchange.

The parties plan to establish the REIT company in September.  The company will be 51-percent owned by Calata.

“Sino and Macau Group shall be investing into the long term growth prospects of the Philippine agriculture sector and the PSEi market as well. After almost 18 months of relationship building and active due diligence, Sino and Macau group will have committed capital resources as well as highly valuable contracts which shall be made available for the benefit of the corporation and the partnership as a whole,” Calata said.

Calata said that subject to the issuance of construction permits and Tourism Infrastructure and Enterprise Zone Authority approval,  site works on the Mactan Leisure City was expected to begin in January 2017.

The whole development, including three hotels, an entertainment complex, commercial, retail and conference facilities and yacht club, is slated for completion by 2020.

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