Philippines real estate firm Belle Corp would be willing to spend up to US$300 million to develop a casino resort in Clark, the company’s executives have revealed.
In comments to local media outlet The Philippine Star, President and CEO Armin Raquel Santos confirmed that the company is still keen to expand its gaming interests north of Manila and is currently waiting on a license from regulator PAGCOR. Belle Corp is a partner of Melco Resorts & Entertainment in City of Dreams Manila via its ownership of the land upon which the IR sits.
“We need to get the license first, hopefully within the year. We already have a letter of no objection,” Raquel Santos said. “The ball is in their court, so we’ll see.”
The Philippine Star also quoted Belle Corp chairman Willie Ocier has stating that development of a casino resort in Clark would take around two years and cost between US$200 million and US$300 million – significantly smaller than City of Dreams Manila.
Raquel Santos added that Clark provided strategic access to the Asian region given its proximity and easy access to places like mainland China, Hong Kong, Singapore, South Korea and Japan.
“We envision this new business to be a new source of growth and stability in the years to come,” Raquel Santos said.
Belle Corp first outlined its interest in Clark in January when it revealed it had recently filed an application for a Clark casino license.
However, despite seeking expansion opportunities, the company has insisted it is not interested in buying out Melco’s stake in City of Dreams Manila after the Macau gaming giant announced in February it was exploring “strategic alternatives” for its Manila IR.
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