Philippines real estate firm Belle Corp is in discussions with a number of foreign casino operators, including its City of Dreams Manila partner Melco Resorts & Entertainment, to run a planned US$300 million integrated resort in Clark, the company has confirmed.
In a Philippine Stock Exchange filing on Monday, Belle Corp said it has secured a provisional casino license from PAGCOR for the planned development, which will be co-held by the group’s gaming unit, Premium Leisure Corp (PLC).
This follows a report by the Manila Standard which cited Belle Corp’s President and CEO Armin Antonio Raquel-Santos as confirming the company is “in talks with three to four foreign casino operators, including existing partner Melco Resorts & Entertainment Corp, for the development.”
Belle Corp is a partner of Melco Resorts & Entertainment in City of Dreams Manila by virtue of owning the land upon which the integrated resort is located, taking in a share of revenue while also receiving a regular rental fee for the use of the land upon which the integrated resort sits.
The company has previously expressed an interest in expansion to Clark, while Melco Chairman and CEO Lawrence Ho is known to have visited the Clark Freeport Zone at least once within the past 18 months.
In Monday’s filing, Belle Corp said, “We confirm that there are ongoing discussions with potential operators. Arrangements on this partnership shall be disclosed as soon as these have been agreed upon by transacting parties.
“With the planned application as co-licensee, Belle has set its internal timeline which includes planning and construction, with official launch targeted within two to three years from the engagement of an operator.
“The Belle Group has planned to invest at least US$300 million in the project and expects to derive lease and share in gross gaming revenues therefrom once the property becomes operational.”
Clark is currently home to five casino resorts in Hann, Royce, D’Heights, Midori and Casino Plus, as well as PAGCOR-operated Casino Filipino Capital.
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