Calata Corp. to create a casino resort in the Philippines

Calata Corp. partnered with Sino-America Gaming Investment Group, LLC and Macau Resources Group Ltd. to build a 14-hectare integrated casino resort.

The Philippines.- Calata Corp. announced in a filing to the Philippine Stock Exchange that it has partnered with Sino-America Gaming Investment Group and LLC and Macau Resources Group Ltd. to create a 14-hectare integrated casino resort on the Mactan Island, part of the Cebu Province. The three organisations will form a REIT to carry out the project.

Through the REIT structure, interested investors will be able to invest in the finished product that will already be generating money. Calata opted for the REIT agreement due to a certain REIT law introduced in the Philippines in 2009 that necessitates the distribution of 90% percent of a property’s full-year income.

The complex will be called Mactan Leisure City. The large-scale project is expected to be completed in 2020. Under original plans, the resort will feature three luxury hotels, a full-fledged casino and a number of non-gaming entertainment options.

Mactan Leisure City is expected to turn into a game-changer in the region in the provision of “family leisure tourism” options as well as gambling options. Developers aspire to build Southeast Asia’s first seven-star hotel and to provide future guests with a wide diversity of “state-of-the-art entertainment and family leisure concepts.”