Chinese group to develop €88 million casino in CEZA
Shanghai Jucheng Supply Management announced the development of a casino in the Cagayan Economic Zone Authority.
Philippines.- The Cagayan Economic Zone Authority (CEZA) will soon host another integrated resort as Chinese group Shanghai Jucheng Supply Management has announced a €88 million investment in the area to construct a Jeju Island-inspired venue. According to the state-owned firm, the group signed a memorandum of understanding with CEZA for the project last week.
The deal confirms the rumours that rose back in July when a CEZA official advanced a company was planning to develop a “Jeju Island type of destination,” but didn’t give any further details. Furthermore, it will be executed despite Malacanang’s ban on new venues as it is allowed to get a licence under Republic Act 7922, which allows the state-owned firm to grant a permit to a casino.
“Over the next few years, the Chinese group will pour in investments estimated at €88 million to develop this rarely explored corner of the Northern Pacific Ocean that is part of the sprawling [CEZA] territory,” CEZA said.
According to CEZA administrator and CEO, Raul Lambino, things would hopefully start moving forward in November once the authority and the Juncheng Group finalise details of the projected investment.
