Money remains elusive for the proposed integrated resort in Mactan island, Cebu as Philippine-listed Calata Corp. announced that it has yet to raise funds for the casino project south of Manila.
Calata, which seeks to diversify its business from agricultural products to real estate, informed the Philippine Stock Exchange on Thursday that the potential investor in the casino project has yet to raise sufficient funds to complete its financial commitment.
US-based management consultancy RiskWise Global Capital Group has been tapped by Calata to undertake business activities such as introductions to investor sources, service partners, and generally provide strategic and risk management advice.
The Philippine-listed Calata said RiskWise informed the company that it is still needs more time to raise funds for the project. It would be recalled that the management consultancy company was in talks with Sino-America Gaming Investment Group LLC but discussions broke down earlier this year due to the perceived political uncertainty.
“As you are aware, I have been working on self-financing. The project I have been packaging for sale, which will give me ample capacity is moving along very nicely. We are quite literally waiting for the Australian State and Federal Government to approve our project and then I am ready to cash out,” Michael Foxman, CEO and President of RiskWise, said in a letter to Calata. “With the above said, I personally continue to maintain a commitment to our game plan, and continue to work to overcome delays, concerns and perceptions which are each outside of my control.”
Calata announced in August 2016 that it plans to forge an alliance with potential investor in the construction of a 14-hectare casino resort on Mactan Island in Cebu, which would feature three hotels, a casino and entertainment complex, commercial, retail and conference facilities as well as a yacht club.
The partnership had planned to establish a corporate vehicle called Calata Land Inc., which would eventually list on the Philippine Stock Exchange as a real estate investment trust and count Mactan Leisure City among its properties.