Philippines – listed company Globalport 900 Inc., is planning to build a Php9 billion global city in Mandaue, Cebu through holding firm Sultan 900 and part of what the former wants to build includes a casino and entertainment complex.
Globalport scored the reclamation project in Mandaue City, located in the Visayas island in the Philippines, two weeks ago and company chairman Michael Romeo wants to turn the whole thing from a reclamation project into a shiny and glistening global city that will attract a host of tourists to the port city situated within the metropolitan city of Cebu. The first order of business, though, involves finishing the ongoing Php14.5 billion expansion of the Manila North Harbor facility. Once that project is finished, the company is setting its sights on the Mandaue global city project.
The proposed project will be built on 131 hectares of foreshore and submerged lands in Cansaga Bay to the second Mandaue-Mactan Bridge. In addition to the planned casino and entertainment complex, the proposed global city will also include a mixed-use commercial and industrial port. Quite a combination there, if we do say so ourselves.
The company also said that the project will be funded through a combination of debt and equity with the casino component contingent on whether it can secure a license from Philippine casino regulator Pagcor.
Globalport’s plan to open a casino in the Philippines is the latest indication that the country’s casino industry continues to grow well outside the country’s capital of Metro Manila. The metropolitan city in Luzon will soon give rise to Entertainment City, a sparkling development project that will eventually include four world-class integrated resorts and casinos, including the already open Solaire Casino and Resort.
Should Pagcor grant Globalport a license to build and develop a casino in Mandaue City, it’s going to open up a new market for Filipinos in Visayas to enjoy a world-class casino without having to make the trip to the northernmost island to get to Entertainment City.