SM Investments Corporation, the most valuable company in the Philippines (capping the market at $21.55 billion) is said to be planning to invest $300 million in a resort and casino north of Manila.
SM Investments’ interests are broad and include business and residential towers, banking, shopping malls, retail, and logistics.
Premium Leisure Corp, a unit of SM Investments’ Belle Corp and a major investor in the City of Dreams Manila Casino and Resort, will be investing in this new casino resort in Clark Freeport Zone, in the Pampanga province, approximately 2 hours north of the capital.
The City of Dreams casino resort is a $1 billion investment, located on the Las Vegas gaming strip in Manila. It is currently operated by Melco Resorts & Entertainment.
Clark was previously a US military base but has been transformed into a business and leisure destination.
This latest casino resort will add to the over 50 existing casinos and slot halls that attract foreign tourists to the country.
In addition, the number of online casinos in the Philippines is also increasing, offering locals and tourists more opportunities to play. What makes online casinos advantageous over the many land-based establishments in the island nation is the wide range of games on offer, as you can see from B2C’s list of the best online casino sites in the Philippines.
As soon as the news was broken by local reporters, Belle Corp’s shares fell by 7.26%, closing at the lowest number in 10 weeks. SM Investment’s shares increased by 2.56%.
Premium Leisure was delisted from the Philippine Stock Exchange on July 9, following a petition for voluntary delisting submitted on May 10. This followed an announcement by Belle Corp in March, stating they were aiming to apply for delisting.
An anonymous source stated: “Apart from the casino, there will be a convention center and a hotel”. Officials from SM Investments and Belle Corp have not yet responded to the reports.
Clark may seem an odd location for a new casino-resort development, but it holds promise. According to Mr Juan Paolo Colet, managing director at China Bank Capital in Manila, stated “[Clark] is emerging as a promising growth market for gaming and leisure,” hinting that it might be the next big resort hub in the country. Hann Casino Resort is already located within this area, as well as the Midori Clark Hotel and Casino and the Royce Hotel and Casino.
It is unlikely that Clark will replace Manila any time soon, as the capital city is home to about 20 casinos. Meanwhile, the Garden Island City of Samal is reportedly the largest resort city in the nation, with several beach resorts and over 1000 rooms.