Airport will double capacity
Frontier Capital Group Ltd. says it plan “an aggressive growth strategy” for its target acquisition, Casablanca Casino in the Philippines. The plan will coincide with a multimillion-dollar expansion at nearby Clark International Airport, according to ABN Newswire.
Frontier Capital will acquire the casino in the Clark Freeport Zone and expand the facility starting in 2016. The casino is located inside the Stotsenberg Hotel in Pampanga, Philippines; Frontier officials anticipate a big boost in patronage with the AU$450 million (US$319.5 million) expansion of the airport’s passenger terminal.
“The expansion of the Clark International Airport will drive more visitations,” said Frontier Capital COO Ken Wong. “It will soon become the prime destination for leisure and entertainment.” The airport is slightly more than a mile from the hotel and casino; it is expected to double its annual capacity, from 4 million to 8 million passengers, when the new terminal opens.
According to GGRAsia, Frontier Capital will buy Stotsenberg Leisure and Hotel Corp. for the equivalent of US$26 million in the form of 154 million Frontier shares. During the casino upgrade, the company said it will add 11 table games for a total of 47, and go from 190 to 250 slot machines.
