China’s Shanghai Jucheng Supply Management group says it has signed a Memorandum of Understanding with the Cagayan Economic Zone Authority (CEZA) to build a new US$100 million casino resort in the northern Philippines province.
According to reports, Jucheng is keen to build a leisure tourism resort in an Asian destination similar to Jeju in Korea. A theme park element would also form part of the property.
In an announcement on its own website, Jucheng stated that it “intends to invest at least US$100 million in comprehensive holiday development projects in the Cagayan Special Economic Zone and the Free Trade Port Area of the Philippines, including township establishment and infrastructure, logistics, port and airport operations, duty-free shops, hotels and finance.”
It also pointed to an interest in technology solutions and other areas such as exchange, trade and production processing.
Jucheng’s plan is made possible by the Philippines’ Republic Act 7922, which grants CEZA authority to promote tourism in the region as part of the establishment of the special economic zone – despite recent declarations by President Duterte that no new casinos would be built under his watch.
Duterte’s anti-casino stance looks set to quash planned IR projects by Macau’s Galaxy Entertainment Group in Boracay and Landing International Development Ltd in Manila.
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