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PAGCOR grants provisional license for the construction of a US$341 million resort-casino in Cebu

Friday | May 5, 2017 | 3:30 PM

PAGCOR grants provisional license for the construction of a US$341 million resort-casino in Cebu
The scale model of the US$341 million casino-resort in Cebu to be built by Udenna Development Corporation, a group of companies engaged in petroleum, shipping, logistic and real estate.


THE Philippine Amusement and Gaming Corporation (PAGCOR) granted Udenna Development Corporation (UDC) – a group of companies engaged in petroleum, shipping, logistic and real estate – the provisional license to construct a US$341 million integrated resort and casino in Cebu.


The UDC, which is owned by businessman Dennis Uy will build the first-ever integrated resort-casino outside Luzon. The 12.5 hectare world-class attraction 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 is set to make the Philippines at par with other premier regional destinations designed for leisure, gaming, MICE (meetings, incentives, conventions and exhibitions) and other commercial and residential investments.


“We are grateful for the confidence and opportunity given to us by PAGCOR. 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,” Uy said.


Lapu-Lapu Leisure Mactan is a six-kilometer or 20-minute drive from the Mactan-Cebu International Airport, with views of Hilutungan Channel to the south and Magellan Bay to the north. The master-planned property will feature iconic modern buildings surrounded by lush greens 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 of locals and guests.


“We’re very bullish on the tourism and hospitality prospects in the Philippines. As shown by the leadership of the President, it’s high time that we invest in tourism and gaming,” Uy noted.


He added that with the huge demand for manpower to be generated by the project, employment opportunities will be aplenty for the locals. “We’ll open at least 800 jobs and we’ll do it in two phases,” he stated.


PAGCOR Chairman and CEO Andrea Domingo said that the grant of provisional license for the project will not only boost Mactan’s reputation as a prime tourist destination but will also serve as a key economic growth driver in Central Visayas and a major revenue contributor for the government.


With its huge 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,” Chairman Domingo said.


Lapu-Lapu Leisure Mactan is slated to begin operations in 2019 with target completion in 2022.