• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Wednesday 16 July 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
No Result
View All Result

Investment into Clark Freeport Zone hits US$5.5 billion in 1H23

Newsdesk by Newsdesk
Tue 31 Oct 2023 at 05:45
Investment into Clark Freeport Zone hits US$5.5 billion in 1H23

Clark, Philippines

15
SHARES
380
VIEWS
Print Friendly, PDF & Email

Investment into the Clark Freeport Zone reached US$5.5 billion in the first six months of 2023, with the input from various industries including investment into gaming and tourism, according to information from the Clark Development Corporation (CDC).

Speaking with Manila Standard at a business event in Manila, CDC President and CEO Atty Agnes Devanadera said the first half of the year had seen locators start to expand their operations, either by renewing leases or resuming projects that had stalled during the COVID-19 pandemic.

“We have facilitated US$5.5 billion in the first semester,” Devanadera said.

“Last year was really low, we were still in the pandemic [but] many companies are expanding and we are expecting more projects since we have the lowest power rate in all economic zones in the Philippines. That alone is a big [attraction].”

The 1H23 investments include Php1 billion (US$17.6 million) from Royce Hotel and Casino for expansion and improvement of amenities, bringing its total investments to Php10 billion (US$176 million). Royce, owned by businessman Rodolfo Pineda, is currently putting the finishing touches on its Phase 2 expansion which has added 297 high-end hotel rooms and Clark’s largest gaming floor, covering 27,000 square meters with space for 150 gaming tables and 1,500 slot machines.

According to Devanadera, the CDC is looking at doubling its annual revenues by the end of this year. Remittances to the national government had reached Php1.2 billion (US$21.1 million) as of May 2023 with the CDC looking to increase its remittance to Php1.5 billion (US$26.4 million) by the same time in 2024.

“We remit half of our net income to the national government, and the other half we reinvest in our infrastructures. We don’t get support for the national government,” Devanadera said.

RelatedPosts

Don’t stop moving

Philippines central bank looking to impose daily cash, time limits on transactions for online gambling

Tue 15 Jul 2025 at 05:49
European Parliament approves EC recommendation to remove Philippines from list of high-risk jurisdictions

European Parliament approves EC recommendation to remove Philippines from list of high-risk jurisdictions

Tue 15 Jul 2025 at 05:24
Time to shine

Okada Manila’s gaming revenues down a further 9.1% quarter-on-quarter to US$125 million in 2Q25

Mon 14 Jul 2025 at 18:15
Southern Son

IAG offering special hotel room rates at Newport World Resorts for attendees of 2025 IAG EXPO

Mon 14 Jul 2025 at 14:42
Load More
Tags: Agnes DevanaderaClark Freeport ZoneinvestmentPhilippinesRoyce Hotel and Casino
Share6Share1
Newsdesk

Newsdesk

The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

Current Issue

Editorial – An inconvenient truth

Editorial – An inconvenient truth

by Ben Blaschke
Fri 27 Jun 2025 at 15:21

It’s understandable that political observers, academics and members of the public in greenfield jurisdictions would express caution around the legalization...

Light & Wonder’s Siobhan Lane

Light & Wonder’s Siobhan Lane

by Ben Blaschke
Fri 27 Jun 2025 at 15:19

Siobhan Lane, Light & Wonder’s highly experienced CEO of Gaming, speaks to Inside Asian Gaming about the company’s ongoing transformation...

Honesty is the best policy

Honesty is the best policy

by Ben Blaschke
Fri 27 Jun 2025 at 14:13

The Thailand Entertainment Complex Roundtable brought industry stakeholders, politicians and supporters of the government’s Entertainment Complex Bill face to face...

Sri Lanka’s casino industry

Sri Lanka’s casino industry

by Shaun McCamley
Fri 27 Jun 2025 at 13:36

Industry veteran Shaun McCamley delves into the complex history of Sri Lanka’s casino industry at a time when the country...

Evolution Asia
Your browser does not support HTML5 video.
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
NWR
Jumbo
568Win

Related Posts

Corona shines

Vietnam eyes permanent exemption allowing casino gambling for locals in Phu Quoc

by Ben Blaschke
Tue 15 Jul 2025 at 17:00

In a move that would mark a substantial shift in national policy, Vietnam is said to be considering a permanent lifting of restrictions on locals gambling at Phu Quoc’s Corona Resort & Casino. According to a report by VietnamNet, Deputy...

New Zealand’s Online Casino Bill passes first parliamentary reading

New Zealand’s Online Casino Bill passes first parliamentary reading

by Ben Blaschke
Tue 15 Jul 2025 at 13:59

New Zealand’s Online Casino Bill, which seeks to legalize and regulate online casino gaming, has passed its first reading in Parliament. The government reiterated via a statement issued Tuesday that the bill is aimed at protecting the many players who...

Starr Xian: Human Factor

China’s GDP grows 5.3% in first half of 2025, in line with expectations

by Pierce Chan
Tue 15 Jul 2025 at 12:30

China’s National Bureau of Statistics has released figures showing that Gross Domestic Product (GDP) grew 5.3% year-on-year in the first half of 2025, in line with market expectations. Sheng Laiyun, Deputy Director of the National Bureau of Statistics, said at...

Casinos Austria hit with fine for unlawful use of junket agent at Cairns casino

Hospitality firm Iris Capital formalizes US$116 million offer to acquire Australia’s The Reef Hotel Casino

by Newsdesk
Tue 15 Jul 2025 at 06:08

Reef Casino Trust, the operator of Australia’s The Reef Hotel Casino in Cairns, said Monday that it has entered into a Takeover Bid Implementation Agreement that will, if completed, see the property acquired in full by hospitality group Iris Capital...



IAG

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • English