Operations suspended in 2016
Australia-listed casino investor Frontier Capital Group is in discussions with a third party manager to assume operations at its Casablanca Casino in the Clark Freeport Zone in the Philippines, reports GGRAsia.
“Discussions are under way with a new manager that will be appointed concurrent with the escrow account funding and the recommencement of operations at the casino,” the firm said in its 2016 annual report filed with the Australian Securities Exchange.
Operations have been suspended since 2016 pending an escrow settlement with the Philippine Amusement and Gaming Corp. of PHP225 million (US$4.4 million), Frontier Capital confirmed in a filing earlier this month.
In February 2016, Frontier Capital first acquired Stotsenberg Leisure Park and Hotel Corp., which controls the Hotel Stotsenberg and Casablanca Casino. At that time, the casino was managed by E!xcite Gaming and Entertainment Inc., which guaranteed the investor US$5 million in annual profits for five years from January 2015 to January 2020. “By mutual agreement, this service agreement has been terminated in February 2017,” said Frontier Capital.
Trading of Frontier Capital’s shares on the Australian Securities Exchange has been suspended since then, but should resume once the company settles with PAGCOR and jumpstarts casino operations.
