MORE ATTRACTIVE. An upgraded North Luzon Expressway has made the Mimosa leisure estate, which the government is selling, more appealing to private investors.
Gotianun-led Filinvest Development Corp. (FDC) has signed a deal with the state-controlled Philippine Amusement and Gaming Corp. (PAGCOR) to develop a $200-million integrated gaming resort in Mimosa, a leisure estate in Clark, Pampanga.
FDC is undertaking this project through subsidiary Mimosa Cityscapes Inc. (MCI), based on the conglomerate’s disclosure to the Philippine Stock Exchange on Thursday.
“We thank PAGCOR for granting Filinvest Mimosa + Leisure City the provisional license. They have been very efficient and helpful since we submitted our application and all the necessary requirements in 2017. We look forward to a fruitful partnership with them. We believe that this is a worthy investment,” FDC president and chief executive officer Josephine Yap said in a press statement.
The $200-million minimum investment committed by FDC will also include a lifestyle mall, a five-star hotel and an events venue that will rise within the 201-hectare sprawling townscape, which is envisioned to become a premier leisure and business destination in the heart of Clark Special Economic Zone (CSEZ).
The project also includes the renovation of existing Quest Hotel, the two championship golf courses and villas.
This is seen to bring Filinvest Mimosa + Leisure City closer to its commitment of developing the area into a world-class tourist and gaming destination, while creating new employment, investment and entrepreneurial opportunities apart from boosting government income and the tourism industry.
“Filinvest Mimosa Plus (+) Leisure City is envisioned to become the lifestyle destination north of Manila. Its enviable location close to Clark International Airport makes it accessible to both domestic and international tourists. Now that we have secured the provisional license, we foresee further upsurge in tourist arrivals upon completion of the various project components. It is our intention to work with a leading casino operator who will align with our vision of a premiere destination. Visitors can look forward to Filinvest Mimosa + Gaming Estate with its offering of topnotch casinos and boutiques, among others,” Yap added.
The Filinvest Mimosa + Leisure City is a joint development of FDC and its property arm Filinvest Land (FLI).