Share values soar on report
A Philippine fertilizer distributor and a U.S. gaming concern have announced they will partner on a plan to build a casino resort on the island of Mactan near Cebu, according to reports.
The 14-hectare (35-acre) integrated resort, to be called Mactan Leisure City, will feature three hotels, a casino and entertainment complex, commercial, retail, conference facilities and a yacht club, Calata said in a filing to the Philippine Stock Exchange.
The Philippine Inquirer reported that shares of Calata surged by 28.16 percent on news of the partnership with Sino-America and its subsidiary, the Macao Group.
The development is expected to open in 2020 and will include “celebrity-branded themes including Sir Elton John, Shaquille O’Neal and other licensed brands and incorporate a variety of state-of-the-art entertainment and family leisure concepts,” according to a company statement.
Mactan Leisure City will “become a game-changer in the region’s family leisure tourism and gaming offering, where tourists from all parts of the world will converge to experience luxurious resort life in a tropical paradise while enjoying a variety of family entertainment experiences,” the statement continued.
The partners say the project will create tens of thousands of jobs and generate gross annual revenue of around P55.74 million.
