Update 3-27-15: SMIC has issued an official clarification with the PSE Securities And Exchange Commission clarifying that, “At the Latham and Watkins Conference, we only mentioned the possibility of having a gaming project in Cebu given the development in the area. However, the company does not have any specific plans to pursue this as it will depend on market condition and prevailing government policy.”
The Philippines banking and mall giant, SM Investments Corp. is making some moves as it plans to carry through with a casino project the in the Queen City of the South. The chief financial officer of SMIC has told reporters that a casino development is being considered in Cebu. The 30 hectares in South Road Properties, owned by SMIC, will be used to pursue the project. The South Road Properties will also be the home of the new SM Seaside City Cebu mall that will be opening this year. Located on the east coast of the city, SRP will be the future home to mixed-use developments. SMIC is not planning on taking on any partnerships with the casino project. However, market and investor sentiments are being considered.
SMIC currently has a share in the gaming revenues at City of Dreams Manila and is also a co-licensee. This is an integrated resort and casino project in PAGCOR Entertainment City in Parañaque. The share is through the subsidiary Premier Leisure Corp.