Frontier may change name to Fortune Crown
Frontier Capital Group of Australia will complete its acquisition of the Hotel Stotsenberg and Casablanca Casino in the Philippines’ Clark Freeport Zone, company director Ram Navaratnam announced in a statement.
“We are confident that our targets will be met and that Stotsenberg with the Casablanca Casino will set Frontier Capital Group up as an emerging player in the Southeast Asia gaming industry,” said Navaratnam.
The property, a former military barracks acquired for a total of $26 million, includes 239 hotel rooms, 190 slot machines, 36 gaming tables and two VIP rooms, according to documents filed with the Australian Securities Exchange.
Frontier Capital plans to increase the number of gaming tables to 47 and add 60 more slots. The property is expected to benefit from the approved expansion of Clark International Airport, about a mile away. The company estimates profits at the Philippines property will double by 2018.
Frontier Capital Group may also undergo a name change, to Fortune Crown Group Ltd.
