In the Philippines’ Clark Freeport Zone of Angeles City, a recent acquisition has begun with the Casablanca Casino and Stotsenberg Hotel soon to be owned by the Frontier Capital Group of Australia. Last week, the company filed with the Australian Securities Exchange that they are moving forward with plans to purchase the Stotsenberg Leisure and Hotel Corp, the owner of the Clark casino. The acquisition will take place for $26 million in shares, which will be transferred in three portions.
The shareholders of Frontier Capital still have to approve the new deal based on the information of the filing. The date scheduled for completion of the deal is January of next year. Included in the deal is the Casablanca Casino which has 190 slot games, 36 gaming tables and two VIP rooms. The Stotsenberg Hotel is home to 239 guest rooms and a convention center. The casino property can be found just minutes from the Clark International Airport, a perfect location to cater to international visitors.
Frontier Capital Group Chief Operating Officer, Ken Wong, commented on the acquisition stating that company research found that the gaming industry of the Philippines is one of the fastest growing in Asia. The entry into the area is well-timed to be able to capitalize on the potential the Philippines has to offer.
Wong just earned his position as COO in October after formerly working as an executive of Genting Hong Kong Limited. He now will join Johnny Chan, a member of the World Series of Poker Hall of Fame, who works as the Chairman of Frontier Capital Group. The company has hired the E!xcite Gaming and Entertainment Inc. group to manage as well as operate both the hotel and casino property.
The government of the Philippine’s has plans to improve the road ways of the area around the casino and hotel plus increase the flights offered by the Clark International Airport. Frontier Capital is counting on this to help the properties be a successful venture.