Lapu casino project awaits PAGCOR nod

No schedule has been set yet for the construction of the planned multibillion casino resort in Lapu-Lapu City, said City Mayor Paz Radaza.

In a recent interview with The FREEMAN, Radaza said the proposed project has already gotten a "no objection letter" but the investors are still working on some requirements especially those of the Philippine Amusement and Gaming Corp. (PAGCOR).

"They have to have approval first from PAGCOR. They're working on it," Radaza said, adding that she recently met with the investors to discuss the project's development.

"Maybe they are ranging other factors for that (the project)... because there would be some resorts that are going to open within the [casino] area," the official said.

Radaza expects to meet again with the investors for updates on the project.

In April 2015, gaming regulator PAGCOR confirmed that a US investment group and a Macau- based gaming operator want to build a casino in Mactan Island.

The Sino- American Gaming Investment Group and Macau Resources Group Ltd. had expressed intention to put up the so-called Mactan Leisure City.

Previously, the city mayor had said the casino resort would be built in a 14hectare property fronting a beach in Barangay Mactan, Lapu-Lapu City and would have seven-star hotels and a highend mall.

She had noted that the casino project would attract more tourists considering that foreigners account for a big portion of the casino market.

The casino is also seen to boost the city's economy through taxes and creation of new jobs.

If realized, Radaza said this will be the biggest casino investment in LapuLapu City.

The Philippines has recently emerged as one of the rising gambling hubs in Asia, with PAGCOR saying the country holds a big revenue potential in the casino industry. Macau in China is considered as the world's biggest gaming center.

Data from PAGCOR showed that it ended 2015 with an income of P47.2 billion. —