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The Philippines is about to see another influx of casinos via their free zone authority, the Cagayan Economic Zone Authority (CEZA).
Raul L. Lambino, the director and CEO of CEZA confirmed last week that four "big" operators of resorts and hotels casinos from Hong Kong, Malaysia, Japan and South Korea submitted letters of intent to establish integrated complexes in the northern part of the Philippines, Manila Bulletin reported.
Among the four gaming companies, the Freeport Authority signed a memorandum of understanding with "a big Chinese promoter" who will invest $ 500 million to turn the island of Fuga into a resort and integrated casino, according to CEZA Senior Deputy Administrator Raymundo Roquero. The island Fuga is the second most northern archipelago of the Philippines and falls under the jurisdiction of CEZA
The island of 10,000 hectares includes the construction of a casino, one of the largest hotel, theme park, theaters and a $ 1 million unit. villa, among others. CEZA officials said that the Chinese investor wanted to replicate the development of Jeju Island in South Korea in Fuga.
The other three gaming companies are planning to develop hotel and casino projects on 55,000 hectares. Companies would consider making initial investments of $ 100 million each.
"They (the four companies) will start with a hotel and a casino, then they will expand to theme parks, they will also build upmarket villas, so that their investments could reach 500 millions of dollars, "said Roquero, according to the Manila Times
CEZA, the former online gambling licensing agency of the Philippines, Diversification in casinos and crypto-currencies after Philippine President Rodrigo Duterte reduced his licensing power in 2017. Previously, many CEZA licensed operators chose to base their business process outsourcing (BPO) and on-line dealer operations in urban areas. However, this came to an end when the Filipino Gaming Corporation, Philippine Amusement and Gaming Corporation (PAGCOR), ordered all Filipino online operators to obtain a new license from Filipino offshore gambling operators. . PAGCOR's anger given that the state's regulator has issued a moratorium blocking the establishment of new integrated resorts in the country. Lambino, however, pointed out that CEZA is an independent body with the power to issue operating licenses to any investor, including gaming companies.
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