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Philippines – Philippine focus turns to Cebu with $300m casino approval

By - 5 May 2017

PAGCOR, the Philippines Amusement and Gaming Corporation, has granted a gaming licence to Udenna Corp. who will now build a US$300m casino resort on the Philippines island of Cebu.

Philippine-based Udenna Corp, said construction would start in the next three months on a 12 hectare beachfront property located around 6km from the main international airport.

The casino, retail complex and hotels will open in 2019. By 2022, villas, private residences, a convention centre and a skydiving centre located on a purpose built pier will be added.

Dennis Uy, President and CEO of Udenna said: “Lapu-Lapu Leisure Mactan only marks the beginning of our vision of a world-class leisure, residential and commercial destination in Central Visayas. We see this integrated development taking a major role in bringing the Philippines on a par with the region’s premier destinations for leisure, gaming and meetings as well as for commercial and residential investments.”

Mr. Uy contributed P30m (US$600,783) to Philippine President Rodrigo Duterte election campaign, prompting speculation that the licence is linked to the contributions.

PAGCOR Chief Andrea Domingo has denied this, saying the businessman passed all the processes required.
First Metro Investment Corp. Assistant Vice-President and Head of Research Cristina S. Ulang said: “The venture is ‘the latest and strongest endorsement of the gaming industry by the Duterte administration. The Udenna investment puts Cebu in the Asian gaming map will reinforce tourism growth in the regions and encourage gaming industry dispersion.”

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