The Filinvest Group, which was issued a provisional gaming license by the Philippine Amusement and Gaming Corp., has announced it will invest more than $200 million in its first-ever integrated resort in New Clark City, Philippines, part of the Clark Freeport and Special Economic Zone on the island of Luzon. Construction on the project, which will include a casino, mall, five-star hotel and event center is expected to begin this year.
Filinvest Development Corp., the Gotianun-led holding company, intends to engage a third-party casino operator to manage the casino operations, reported the Philippine Star.
FDC President and CEO Josephine Gotianun-Yap said the conglomerate “starts a new phase in the FDC story with our entry into infrastructure and logistics parks in New Clark City. Not only will these provide balance to our more cyclical property and banking segments and add another layer of diversity to our income mix, but these will also complement existing investments in the dynamic Clark corridor.”
The project will occupy 64 hectares (158 acres) and is targeted for completion in 2020.
According to GGRAsia, Filinvest said it plans to make “significant” investments in what it calls the high-growth Clark corridor, a special economic zone around Clark International Airport. “We see a lot of potential in this area, as Central Luzon registered 7.2 percent GDP growth in 2018, higher than the national growth rate,” Yap said.
“Now that we have secured the provisional license, we foresee further upsurge in tourist arrivals upon completion of the various project components. It is our intention to work with a leading casino operator who will align with our vision of a premier destination.”
