MANILA, Philippines--First Cagayan Leisure and Resort Corp., the gaming infrastructure subsidiary of publicly-listed gaming firm Leisure and Resorts World Corp. (LRWC), will invest in an international airport at the Cagayan free port, which is estimated to cost roughly P3 to P4 billion.

LRWC president Alfredo Abelardo Benitez said the airport would be set up within its 79-hectare property in Sta. Ana in joint venture with the Cagayan Economic Zone Authority.

Air traffic to and from the Cagayan free port is currently serviced at the Navy-owned airstrip in Sta. Ana, which can accommodate jets with 30 to 40 passengers.

The proposed airport is seen contributing to the further growth of the economic zone.

CEZA is mandated by law to manage the Cagayan Special Economic Zone and Free Port (CSEZFP), and has in turn authorized First Cagayan to license, regulate and supervise the operations of registered online gaming enterprises in Cagayan Free Port.

First Cagayan, on behalf of CEZA, can issue two types of licenses: Interactive gaming licenses which cover all types of online gaming including casinos, lotteries, bingo, sports books; and restrictive licenses that limit the offerings to sports betting only.

As the master licensor, First Cagayan is entitled to half of the gaming levy imposed by CEZA on the gaming operators in Cagayan Free Port.

First Cagayan generated P50.4 million in gross revenues for the first quarter of 2008, a 42.9-percent increase from P35.3 million in the first quarter last year.