International companies to land in the Philippines
Foreign casino operators are targetting the Cagayan Special Economic Zone and will soon land in the country.
Philippines.- The Cagayan Special Economic Zone and Freeport (CSEZP) in the Philippines has attracted a number of casino companies that are ready to invest in the area. According to government officials, several operators from south-east Asia are soon to arrive in the Philippines thanks to the benefits of the region.
Cagayan Economic Zone Authority (CEZA) chief executive and administrator Secretary Raul L. Lambino said that four major companies from Hong Kong, Malaysia, Japan and South Korea have already filed letters of intent to develop integrated resorts in the country. The area, located in the northern part of the Philippines, has attracted new potential casinos which may trigger a dispute between CEZA and the Philippine Amusement and Gaming Corporation (PAGCOR).
According to CEZA Senior Deputy Administrator Raymundo Roquero, “a big Chinese proponent” has already signed a memorandum of understanding to invest US$500 million and develop Fuga Island into an integrated resort and casino. That would go against PAGCOR’s moratorium that blocks new IRs from being developed, but the island falls under CEZA’s jurisdiction.
“(The four companies) will start with a hotel and casino, then they will expand to theme parks. They will also build high-end villas, so their investments might reach US$500 million,” Roquero said to the Manila Times.
