According to a report from the Manila Bulletin, the Secretary Raul L. Lambino, administrator and chief executive of CEZA, confirmed last week that four leading international casino operators from Hong Kong, Malaysia, Japan and South Korea have officialy expressed their inentions to develop IRs n the northern part of the Philippines
Of the four gaming companies, the Freeport authority has signed a memorandum of understanding with “a big Chinese proponent,” which will invest US$500 million to develop Fuga Island into an integrated resort and casino, according to CEZA Senior Deputy Administrator, Raymundo Roquero. Fuga Island is the second northernmost island group of the Philippines and falls under CEZA jurisdiction.
The remaining three gaming firms are planning to develop hotel and casino projects within the 55,000-hectare CEZA property, according to freeport authority. The companies are reportedly looking at making initial investments of US$100 million each.
CEZA, the former top online gambling licensing body of the Philippines, has diversified into casinos and cryptocurrencies after Philippine President Rodrigo Duterte clipped its licensing power in 2017. Previously, many CEZA-licensed operators chose to base their business process outsourcing (BPO) and live dealer operations in urban areas. However, that came to an end when state gambling regulator Philippine Amusement and Gaming Corporation (PAGCOR) ordered all Philippine-based online operators to get a new Philippine Offshore Gaming Operator (POGO) license.
With its recent revelation, CEZA could draw the ire of PAGCOR given that the state regulator has issued a moratorium blocking the establishment of new integrated resorts in the country. Lambino, however, pointed out that CEZA is an independent body with the authority to issue operating licenses to any investor, including gaming companies.
Source: GMB / Calvin Ayre
