Casino developer Udenna Corp. has been granted a provisional licence to build a US$300m casino resort on the central Philippines island of Cebu.
Udenna Corp, a holding company based in the Davao City region of the Phillipines secured the provisional licences from the Philippines Amusement and Gaming Corporation (PAGCOR), which regulates gaming in the country.
Dennis Uy, President and CEO of Udenna said: “Lapu-Lapu Leisure Mactan only marks the beginning of our vision of a world-class leisure, residential and commercial destination in Central Visayas.”
“We see this integrated development taking a major role in bringing the Philippines on a par with the region’s premier destinations for leisure, gaming and meetings as well as for commercial and residential investments.”
Mr. Uy is one of the top campaign contributors to Phillippine President Rodrigo Duterte, prompting many to speculate that the licence is a reward for his financial contributions, although PAGCOR Chief Andrea Domingo has denied this.
Udenna has confirmed that construction will begin on the Lapu-Lapu Leisure Mactan resort within three months. The resort will be built on a 12 hectare beachfront property located around 6km away from the main international airport.
The casino, retail complex and hotels will open in 2019, with completion of the development expected by 2022.
Once completed the resort will include luxury hotels, villas, private residences, a convention centre, a retail complex and a skydiving centre located on a purpose built pier.