Dennis Uy abandons Clark casino project
As the protracted pandemic continues to hit the tourism and gaming industry, Davaoeno businessman Dennis Uy has suspended development of his integrated hotel and casino complex project in Clark, Pampanga, to focus efforts and its resources on the casino group’s flagship project in Mactan, Cebu.
The state-owned Philippine Amusement and Gaming Corp. (Pagcor) approved the request from Clark Grand Leisure Corp. (CGLC), a subsidiary of PH Resorts Group Holdings Inc (PHR), controlled by Uy, to voluntarily suspend its provisional casino license for its project at Clark Global City.
“CGLC has requested the voluntary suspension of its license due to some lingering uncertainties surrounding the casino games industry, particularly with increased competition from Clark, Pampanga,” PHR disclosed to the Philippine Stock Exchange on Wednesday.
“The voluntary suspension also allows PHR to accelerate and focus all of its efforts on the construction and development of its flagship integrated hotel and casino project, the Emerald Bay Resort and Casino, located in Mactan, Cebu,” adds the press release.
The lifting of the voluntary suspension in the future will be subject to the approval of the Board of Directors of Pagcor.
As its financial projections focused primarily on Emerald Bay, the company said this suspension of CGLC’s license would have “little or no impact on PHR’s business.”
Pagcor has requested CGLC to invest at least $ 200 million in the Clark Integrated Resort Project, provided that 40% is spent within two years of issuance of the provisional license, subject to any extension Pagcor may grant at its discretion. .
CGLC’s provisional license was issued by Pagcor in 2018, making it one of five licensees authorized to develop and operate an integrated resort and casino in the Clark Freeport area. A regular casino gaming license was supposed to be issued after the completion – and Pagcor’s approval – of a final construction report on the project.
The Clark provisional license, along with any regular license issued to replace it, will expire on July 11, 2033, subject to renewal conditions. The project is part of PHR’s “The Base” development, located on a 4.4 hectare property in Clark Global City.
Earlier, PHR announced that the smooth opening of the flagship project, Emerald Bay in Mactan, will be postponed until March 2022, while the completion of the first phase has been pushed back to the third quarter of next year.
Prior to the coronavirus pandemic outbreak, PHR aimed to smoothly open by the end of this year, while the first phase of development was to be completed by the second quarter of 2022.
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