Widus Philippines Inc. (WPI), the operator of the Widus Hotel and Casino Clark, has some extra money to play with in their expansion plans. The firm announced on May 25 that they had secured a PHP7 billion ($130 million) loan to construct their fourth tower, local outlet SunStar reports.
The loan came care of the Asia United Bank Corporiation (AUB) and Union Bank of the Philippines (UB). Mitchell Estacio, treasurer for WPI, laid out how they plan to use the money:
“This additional investment from our bank partners will be used to support our Tower Four project. Our loan agreement only reflects the company’s strong commitment to bring only the best world-class facilities here in Clark.”
The fourth tower would help complete the $1 billion Widus resort. That 19-story tower alone is set to have 20,000 square meters of floor area. In the press release put out when they broke ground on the project, they said it would have “modern architecture aesthetically complemented by nature and lush green landscapes.”
Among the features it’s expected to boast are 380 rooms, five-star facilities, fine fining, retail stores, swimming pools, an executive lounge and function rooms.
The investment in Clark City could pay off long term if some proposed political plans work out. Several politicians and thought leaders have suggested moving government offices and business subsidies away from the capital of Manila, with newly elected Senator Bong Go recommending Clark City as an alternative.
Already well equipped with an airport, if the city sees exponential growth from government investment, WPI’s investment would pay off incredibly well.
They won’t be alone though. Filinvest has also recently announced plans to invest $200 million into a casino resort in Clark City. They’re just getting started on will likely have to play catch-up though. Their integrated resort hasn’t started construction yet, whereas WPI is already on their fourth tower. On a smaller scale, PH Resorts has also gained approval to go ahead with their plan for a 7,500-square-meter casino in the same neighborhood.
