Philippine firm raises millions to build casino

Udenna Corporation has reportedly raised more than US$80 million to build a casino resort in Mactan.

Philippines.- Udenna Corporation, the Philippine trading and shipping firm has announced that it has raised more than US$80 million to build a casino resort in the island of Mactan. In order to get the necessary money, the company sold 25 percent if its stake in natural gas and oil.

The trading firm wants to open the first phase of the US$300 million project in 2019, as a report from Philippine Daily Inquirer revealed. The Lapu-Lapu Leisure Mactan would feature a casino, luxury hotels and villas, a convention center, retails and skydiving activities, as well as multiple restaurants. Philippine Amusement and Gaming Corporation (PAGCOR) has authorised the construction of the first integrated resort outside Manila during the first week of May. The company has been linked with president Rodrigo Duterte, as Philippines’ Commission on Elections reports that Dennis Uy, Udenna’s executive, was one of the top campaign contributors to his campaign with donations of over US$600 thousand. However, PAGCOR CEO Andrea Domingo has denied that the license is a way to repay the favour.

“Our investments in [Udenna Development Corporation] are anchored on our shared vision for the Philippines to become a premier destination for business and tourism. We hope to support the country’s manufacturing and tourism sectors, among others, through our property developments. We believe these will ultimately translate to employment and better living for the Filipino people,” said Dennis Uy, President for Davao City-based Udenna Corporation, in a statement.