In the Philippines, the operator behind the Widus Hotel and Casino has reportedly announced that it has secured a syndicated loan worth approximately $133.9 million that it intends to use in order to help bring a fourth hotel tower to the northern Luzon property.
According to a report, the revelation from the Widus Philippines Incorporated subsidiary of South Korean firm Widus International Leisure Incorporated comes less than nine months after the venue located in the Clark Freeport Zone premiered its 15-story Clark Marriott hotel.
Widus reportedly detailed that the coming 19-story hotel tower is due to occupy a 5.4-acre plot of land situated alongside the existing Philippines facility, which began welcoming guests in 2008 before adding a small casino a year later, and will feature some 380 rooms as well as additional shops and restaurants.
GGRAsia reported that the fourth hotel tower for the Widus Hotel and Casino is set to open before the end of next year and moreover play host to a new casino offering some 1,000 slots in addition to around 200 gaming tables that are to be spread across multiple VIP areas plus several junket-friendly private rooms.
Mitchell Estacio, Corporate Secretary and Treasurer for Widus Philippines Incorporated, reportedly declared that the Asia United Bank Corporation served as the lead arranger and bookrunner for the recently-secured loan and utilized help from the Union Bank of the Philippines.
“This additional investment from our bank partners will be used to support our tower-four project. Our loan agreement only reflects the company’s strong commitment to bring only the best world-class facilities here to Clark.”
The Clark Freeport Zone is the site of a former United States Air Force base and GGRAsia detailed that the Widus Hotel and Casino added a second hotel tower in 2012 before completing work on its 260-room Clark Marriott in September. The entire development now offers a complement of some 873 hotel rooms while its attached casino features an array of 342 slots as well as 54 gaming tables.