In the Philippines, a Chinese conglomerate has reportedly signed an agreement that is to see it spend at least $100 million in order to bring a new integrated casino resort to northern Luzon’s Cagayan Special Economic Zone and Freeport.
According to a report from GGRAsia, Shanghai Jucheng Supply Chain Management Group Company Limited inked its memorandum of understanding with the Cagayan Economic Zone Authority (CEZA) yesterday and envisions the as yet unnamed development also featuring a water park element as well as a large retail component.
Discounting Presidential freeze:
The Chinese firm reportedly has extensive interests in trading, logistics and manufacturing and entered into the partnership for the Cagayan Province development despite Philippines President Rodrigo Duterte issuing a freeze earlier this year on the construction of any more casinos outside of the Entertainment City zone near Manila.
Entity to issue own license:
However, Raul Lambino (pictured), Chief Executive Officer for CEZA, reportedly declared in July that at least four foreign firms had since expressed an interest in bringing a gambling facility to the Cagayan Special Economic Zone and Freeport. He purportedly told the Philippine Daily Inquirer newspaper that his entity intends to circumvent the supposed halt by issuing its own casino licenses, which is something that is purportedly permitted under the 1995 legislation that established the state-owned enterprise.
CEZA’s Monday statement read…
“Over the next few years, the Chinese group will pour in investments estimated at $100 million to develop this rarely explored corner off the northern Pacific Ocean that is part of the sprawling CEZA territory.”
Deciding final details:
GGRAsia reported that Lambino revealed that he now hopes to see further progress on the planned development soon after the two sides conclude negotiations concerning the specific details of the venue set to be located some 385 miles north of Manila.