Australia-listed casino investor Frontier Capital Group Ltd says it has found the money needed to restart – on an “imminent” basis – operations at the Casablanca Casino, a gaming facility in the Clark Freeport Zone, in the Philippines.
According to previous company filings to the Australian Securities Exchange, gaming operations at the venue had been suspended from the first quarter 2016, as the company had been required by the Philippine Amusement and Gaming Corp (Pagcor) to settle an escrow account in the amount of PHP225 million (US$4.3 million at current exchange rates).
Frontier Capital said in a Monday filing: “The company has secured the funds necessary to satisfy the Philippine Amusement and Gaming Corp requirements to reinstate operations of the Casablanca Casino, which is imminent.”
The document quoted Henri Ho, the group’s chairman, as saying the firm had “worked diligently to satisfy Pagcor’s operational requirements”.
He added: “Frontier Capital Group will soon recommence operations at the Casablanca Casino, with a healthy bank balance.”
In February 2016, Frontier Capital had acquired Stotsenberg Leisure Park and Hotel Corp, which controlled the property known as Hotel Stotsenberg and Casablanca Casino (pictured), consisting of a 239-room hotel as well as gaming.
In September 2017, Frontier Capital had said it was looking for a new partner to operate the gaming at the venue.
In Monday’s filing, Frontier Capital additionally said that a balance of AUD1.5 million (US$1.06 million) that it had paid toward acquiring an interest in the Mongolian National Lottery, had been returned following the termination of an earlier agreement on the matter.
The refund followed Frontier Capital’s February 23 announcement that the seller in the deal had told it a number of conditions related to the deal could not be satisfied within required time limits.
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