Megawide Construction Corporation, in the Philippines, has reportedly abandoned a scheme that was to see it partner with local trading and shipping firm, Udenna Corporation, in order to bring a new casino resort to the central island of Mactan.
According to a Sunday report from the Manila Standard newspaper, the Quezon City-headquartered construction firm had earlier revealed that it was in negotiations to build the envisioned casino resort on a 9.8-acre site located next to Mactan-Cebu International Airport. This facility was to purportedly sit alongside a new terminal it opened a year ago in collaboration with India’s GMR Infrastructure that features approximately 64,580 sq ft of retail space.
Manuel Louie Ferrer, Chief Corporate Affairs and Branding Officer for Megawide Construction Corporation, declares this scheme has now been cancelled, although he revealed that the firm is still planning to bring a trio of luxury hotels offering some 1,000 rooms to the same site. The executive purportedly stated that the first of these is to be a 350-room affair that he expects will open within the next two years and be by run by an international partner.
Ferrer reportedly told the Manila Standard…
“We will soon sign an agreement with an international hotel operator to manage the hotel. There is a huge demand for hotel development in Cebu as well as for meetings, incentives, conferences and exhibitions, particularly in Mactan.”
Ferrer moreover told the newspaper that his firm is hoping to tap an Asian operator to run the second of its envisioned Mactan hotels with the third to be managed by one of its own local brands.
Regarding Udenna Corporation, GGRAsia reported that the Davao City-based firm controlled by Filipino businessman, Dennis Uy, is continuing with a plan that is to see it open the first stage of its planned $600 million The Emerald Resort Hotel and Casino by the end of next year. This Philippines facility will be located on Mactan’s nearby Punto Engano peninsula and feature 400 hotel rooms as well as a casino offering a collection of some 600 slots and about 100 gaming tables.
All of this comes after Udenna revealed in May that it was to make a second run at raising enough cash to build The Emerald Resort Hotel and Casino via its PH Resorts Group Holdings Incorporated subsidiary. It purportedly proclaimed that this privately-held concern was prepared to borrow up to $420 million in advance of securing the remaining amount by issuing equity in the coming project.