Philippine fertiliser product distributor Calata Corp says construction works for a Mactan casino resort are scheduled to start in January 2017.
“There will be a 36-month construction schedule with six months for warranty works giving it a total of 42 months to complete. The projected date of completion would be in the middle of 2020,” the firm stated in a Friday filing to the Philippine Stock Exchange. The filing was in response to a query from the exchange on the Mactan project and the parties involved.
The project – named Mactan Leisure City – is being developed in partnership with U.S.-based Sino-America Gaming Investment Group LLC and the latter’s subsidiary Macau Resources Group Ltd. Calata will own the land and lease it to the other parties. Mactan is an islet linked by bridge to the Philippine holiday island of Cebu.
Macau Resources Group’s registration on the OTC Markets Group exchange, based in New York, United States, was revoked last month, after the firm’s failure to make required periodic filings with the U.S. Securities and Exchange Commission. Calata said in its Friday filing that Macau Resources Group shareholders had “agreed to deregister” the firm from the exchange “to provide management the ability to effectively rebrand and position the company”.
Calata added: “Once rebranded, the company will then be re-registered as Jade Leisure and Entertainment Group, on the [OTC Markets Group exchange], with a goal to list on the Nasdaq at the earliest opportunity.”
The partnership between Calata, Sino-America Gaming and Macau Resources Group was first announced on Tuesday. The Philippine firm explained at the time that it would involve “the creation of a corporate vehicle intended for the future establishment of a real estate and investment trust (REIT)” which would be used for the Mactan project. The corporate vehicle – in which Calata will have a 51 percent stake – is to be established by next month, the firm said in Friday’s filing.
Under the Philippines’ constitution and public land laws, only Filipinos, or entities owned at least 60 percent by Filipino citizens, are allowed to own land.
In a story published by GGRAsia in April 2015, Sino-America Gaming managing director Michael Foxman had provided several details about the group’s plans for Mactan. At the time, Calata’s name was not mentioned.
Mactan Leisure City has been presented by Calata as “a PHP65-billion [US$1.4-billion] integrated resort incorporating three hotels, casino and entertainment complex, commercial, retail, and conference facilities, and yacht club, situated at a 14-hectare property located on Mactan Island, Cebu”.
The firm stated on Friday it expected to secure a casino licence for the project from the country’s gaming regulator – the Philippine Amusement and Gaming Corp (Pagcor) – by the end of 2017.
“The target submission of the complete application with Pagcor will be by late October 2017,” Calata stated. The firm added that the project had already received support from local authorities, civic groups and the Catholic Church.
(Updated at 11.39am, Aug 29)
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