In the Philippines, local casino operator, Frontier Capital Group Limited, has reportedly announced that it is planning an ‘imminent’ re-opening of its shuttered Casablanca Casino after being able to settle an outstanding escrow requirement demanded by the Asian nation’s gaming regulator.
According to a report from GGRAsia, the Sydney-listed firm made the revelation via an official Wednesday filing and moreover declared that it is ‘now in full compliance’ with the Philippine Amusement and Gaming Corporation (PAGCor) regulator and is ‘preparing’ to start full operations at the casino.
Frontier purchased Casablanca Casino and its Hotel Stotsenberg host in February of 2016 but was soon forced to close the formerly state-owned gambling facility because it was unable to meet a minimum regulator-mandated security obligation worth approximately $4.25 million. However, the operator detailed that it has now acquired an unsecured loan worth $10 million ‘to meet the requirements of PAGCor for the escrow account, performance assurance and surety bonds to enable recommencement of the casino operations.’
GGRAsia reported that the 239-room Hotel Stotsenberg has remained open in the Philippines despite the shuttering of its casino and helped Frontier to post a profit of about $737,244 for the first six months of 2017, which compared with a loss for the previous comparable half-year period of around $6.08 million.
Before its closure, Casablanca had been one of six such gambling facilities located inside the Clark Freeport Zone of northern Luzon and it had featured a selection of about 190 slots alongside some 36 gaming tables. The most recent revelation from Frontier Capital contained no indication as to what the venue’s future gaming complement may encompass although the operator disclosed last month that it had recently received a refund worth approximately $1.06 million due to the failure of a deal that was to have seen it acquire a stake in the Mongolian National Lottery.