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PAGCOR Authorizes $500-Million Casino Resort in Cebu

PAGCOR Authorizes 500 Million Casino Resort in Cebu

The first Philippine mega-casino complex outside Manila has been given the green light by the country’s gaming regulator. It will be located on the island of Cebu and will cost an estimated $500 million to build.

The gambling industry in the Philippines has grown exponentially in the past couple of years following the stringent anti-corruption measures introduced in China. With three existing integrated casino resorts in the capital, no new licenses will be issued for Manila but the idea is tospread gaming in the provinces instead.

The island of Cebu, which is the second largest metropolis in the country and a famous tourist haven, has been selected as the next destination for the expansion of the casino industry. Along with the $500-million casino complex envisioned for Lapu-Lapu City, a Hong Kong-based firm has applied for permission to develop a $300-million gaming project on the adjacent island of Mandaue.

Projections for gross gaming revenue in the Philippines this year range between $3.1 billion and $3.2 billion, which is an increase of 4% to 7% compared to last year’s figures.