Casino may be part of the plan
Philippine businessman Dennis Uy is planning a second integrated resort in the Cebu island province.
Uy’s Udenna Corp. is currently looking to an initial public offering or backdoor listing to fund a planned $341 million casino resort on Mactan Island in Cebu. Udenna’s wholly owned subsidiary Udenna Development Corp. is building the Emerald Resort and Casino, which will be constructed on a 12.5-hectare (31-acre) prime beachfront property on the island in Lapu-Lapu City. Udenna broke ground on the site last July.
The Davao-based businessman’s second enterprise in the region will include a world-class hotel and a gaming component, reported the Philippine Star. Uy will lease a 4-hectare (10-acre) parcel near the Mactan Cebu International Airport from Megawide Construction Corp.
Uy was described by the newspaper as a supporter of President Duterte, who once was mayor of Davao City. His new resort will go head-to-head in the market with the Waterfront Hotel & Casino, also near the airport.
Emerald Resort, designed by U.S.-based architect Paul Steelman, will include luxury suites, five-story aquariums, an opulent retail mall and “family-friendly” gaming areas, the Star reported. Other features include a skydiving center; a convention center; private residences, and condominium-hotels. The Emerald Casino will target foreign visitors from Singapore, Korea and China.
Megawide took over the Mactan Cebu airport in 2014 and will open a new terminal by June. The new terminal will have a capacity of 8 million passengers. Along with the original terminal, it will make for a total capacity of 12.5 million passengers by June.
