Real estate investor Belle Corp and its gaming subsidiary Premium Leisure Corp (PLC) – the joint venture partner in Melco Resorts’ City of Dreams Manila – have confirmed their interest in developing a second Philippines IR. And it might not be in Manila.
Responding to inquiries from the Philippine Stock Exchange on Wednesday following news reports stating it was eyeing such an expansion, Belle Corp backed up earlier comments from President and Chief Executive Officer Manuel A. Gana although it added, “Any matters regarding an application by Belle or its subsidiary Premium Leisure Corp for a second license for an integrated resort with PAGCOR are still being explored, and there are no definite plans at this time.”
In comments made to reporters following Belle’s annual shareholders’ meeting this week, Gana had pointed to fellow Manila casino operator Bloomberry Resorts’ impending development of a second Solaire IR in Quezon City.
“When [Bloomberry] does that, we’d be totally in our rights to ask PAGCOR for a second license to level the playing field. So that’s definitely on our mind,” he said.
“We figured it’s going to be easier once Solaire opens the Quezon City casino … the thing is to be flexible based on unfolding economic and political situations, so we will have to seek an opening.
“Right now the hope is to get a license … we’re not partial. In fact some provincial locations are even better than Metro Manila, or Clark.”
In a separate clarification announcement on Wednesday following similar comments from Chaiman Willy Ocier, PLC said, “We confirm that Premium Leisure Corp is always open to expansion opportunities. We note, however, that any expansion of City of Dreams Manila are merely exploratory at this time, and no definite plans have been made as of yet.”
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