Dennis Uy’s $341-M Cebu casino resort gets Pagcor green light
The Philippine Amusement and Gaming Corp. (Pagcor) has granted Udenna Development Corp. – the holding firm for companies engaged in petroleum, shipping, logistic and real estate – a provisional license to construct a $341-million integrated resort and casino in Cebu.
In a statement issued on Friday, Pagcor said Udenna, owned by Davao-based businessman Dennis Uy, would build the first ever integrated resort casino outside Luzon.
The 12.5-hectare development will be named Lapu-Lapu Leisure Mactan as it will rise on a prime beachfront at Mactan Island in Lapu-Lapu City.
Once constructed, the resort casino will put the country “at par” with other regional destinations designed for leisure, gaming, meetings, incentives, conventions and exhibitions (MICE); and other commercial and residential investments, Pagcor said.
“We are grateful for the confidence and opportunity given to us by Pagcor,” Uy said in the statement. “This approval is accepted with our commitment to the integrity and transparency demanded by the Duterte administration, our regulators, and the broader gaming industry. This significant event is only the beginning of our vision of a globally competitive leisure, residential and commercial destination in Central Visayas.”
Lapu-Lapu Leisure Mactan is a six-kilometer, 20-minute drive from the Mactan-Cebu International Airport, with views of Hilutungan Channel to the south and Magellan Bay to the north.
The masterplanned property will feature modern buildings surrounded by greenery and infinity pools. It will also have a skydiving center on a pier, a commercial retail complex, convention center, luxury hotels, condotels, villas and plush private residences.
The development is seen to give residents and guests access to the longest stretch of beachfront in Mactan, making it an ideal business and holiday destination for both locals and foreigners.
“We’re very bullish on the tourism and hospitality prospects in the Philippines,” Uy said. “As shown by the leadership of the President, it’s high time that we invest in tourism and gaming.”
He added that, with the large demand for manpower to be generated by the project, there would be better employment opportunities for locals.
“We’ll open at least 800 jobs and we’ll do it in two phases,” he said.
Andrea Domingo, Pagcor chair and chief executive officers, said the grant of provisional license for the project would not only boost Mactan’s reputation as a prime tourist destination but would also serve as a key economic growth driver in Central Visayas and a major revenue contributor to the government.
“With its potential to become a world-class tourist and entertainment destination, this project will greatly benefit not only Central Visayas but the country as a whole,” Domingo said.
Lapu-Lapu Leisure Mactan is slated to begin operations in 2019 with target completion in 2022. /atm
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