In the Philippines, the shuttered Casablanca Casino is reportedly soon set to re-open after the venue’s latest owner agreed a deal with the Philippine Amusement and Gaming Corporation regulator settling an outstanding escrow requirement.
According to a report from GGRAsia, the casino located inside the 239-room Hotel Stotsenberg in central Luzon was purchased by Sydney-listed Frontier Capital Group Limited in February of 2016 a month after it had been forced to close due to its then-owner, Stotsenberg Leisure Park and Hotel Corporation, being unable to meet a minimum regulator-mandated security obligation worth approximately $4.25 million.
Buxom ‘bank balance’:
Henri Ho, Chairman for Frontier, reportedly used an official Monday filing to declare that his firm is now planning an ‘imminent’ re-launch of gambling services inside Casablanca Casino, which sits within the Clark Freeport Zone near Angeles City, after working ‘diligently to satisfy’ the Philippine Amusement and Gaming Corporation’s ‘operational requirements.’
Ho’s statement reportedly read…
“Frontier Capital Group Limited will soon recommence operations at Casablanca Casino with a healthy bank balance. The company has secured the funds necessary to satisfy the Philippine Amusement and Gaming Corporation requirements to reinstate operations at Casablanca Casino, which is imminent.”
Clark Freeport Zone is a gentrified former United States Air Force base and the closure of Casablanca, which had offered a selection of about 190 slots alongside some 36 gaming tables, had left the area with five operational casinos. Although Frontier did not disclose what the venue’s latest gaming complement may encompass, it did reportedly reveal 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.