Davao-based businessman Dennis Uy has obtained a provisional license from the state-controlled Philippine Amusement and Gaming Corp. (Pagcor) to develop a $300-million integrated gaming resort in Mactan, Cebu.
Uy’s holding firm Udenna Corp. signed with Pagcor a provisional license agreement for what could become the country’s first privately run integrated resort and casino outside Metro Manila.
The group expects to break ground for the integrated resort and casino in three months. It targets to complete the development in 2022, with the casino, retail complex and hotels scheduled to open as early as 2019.
Udenna’s wholly owned subsidiary Udenna Development Corp. (Udevco) will build the $300-million integrated resort and casino on the Punto Engaño peninsula in Mactan Island, Lapu-Lapu City.
The development called Lapu-Lapu Leisure Mactan will rise within a 12-hectare prime beachfront only six kilometers, or a 20-minute drive, away from the airport.
Lapu-Lapu Leisure Mactan is envisioned to feature iconic modern buildings surrounded by lush greens and infinity pools. It will have a skydiving center on a pier, a retail complex, a convention center, luxury hotels and villas, specialty dining options, private residences and condominium-hotels.
The development is seen to give residents and guests access to the longest stretch of beachfront in Mactan as well as views of the Hilutungan Channel and the Magellan Bay, making it a premier business and holiday destination year round.
The estate is also seen to cater to the adventurous, serving as a gateway to the best diving, snorkeling, island hopping and watersports experience in the country.
“Lapu-Lapu Leisure Mactan only marks the beginning of our vision of a world-class leisure, residential and commercial destination in Central Visayas,” said Uy, president and chief executive officer of Udenna.
“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.”
Udenna is also the controlling shareholder of Phoenix Petroleum and a key shareholder of leading logistics firm 2GO Group Inc. Another company under Udenna, shipping firm Chelsea Logistics Corp., plans to raise as much as P8 billion from a stock market debut targeted in July this year.
The shipping business of Udenna has since grown into the country’s largest shipping group operating throughout the Philippines and Southeast Asia. It has the largest tanker fleet in terms of capacity with a total 39,271.64 gross registered tonnage.
Pagcor’s decision to grant a license to a new privately owned gaming resort is seen in line with the government’s thrust to promote tourism in the country.