Supplier News
Philippines – Frontier Capital to buy Casablanca Casino
By Phil - 10 November 2015
Australia-based Frontier Capital Group is buying the Casablanca Casino in the Philippines’ Clark Freeport Zone, along with the adjoining Stotsenberg hotel, in what it says is Asia’s fastest growing gaming market.
In a filing to the Australian Securities Exchange, Frontier confirmed the price for the deal would be A$26m with January 2016 earmarked for the completion date.
Themed on the film with the same name, Casablanca Casino has a total of 190 slot machines, 36 gaming tables and two VIP rooms. The Stotsenberg Hotel has 239 hotel rooms and a convention centre. Located 1.6 km away from the Clark International Airport, Frontier believes that the scheduled A$450m Passenger Terminal expansion project at the airport will double the number of passengers annually to 8m and increase the number of customers frequenting the Stotsensberg Hotel and Casino.
Frontier’s recently appointed Chief Operating Officer Ken Wong, who has over 15 years of experience working in the gaming sector, said: “Research conducted by Citi and Macquarie Research has found that the Philippines gaming industry is the fastest growing in the Asia. Our entry into the gaming industry is well timed to capitalize on this potential.”
Mr. Wong is a former executive of Genting Hong Kong. The gaming floor and the hotel will though be managed by E!xcite Gaming and Entertainment.
E!xcite has provided a five-year profit guarantee of $5m a year per annum. E!xcite will be given 142.2m shares in Frontier Capital.
