• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Features
  • Industry Talk
  • Trends & Tech
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Clark casino deal to close in late Jan: Frontier Capital

Jan 15, 2016 Newsdesk Latest News, Philippines, Top of the deck  


Clark casino deal to close in late Jan: Frontier Capital

The acquisition of Hotel Stotsenberg and Casablanca Casino (pictured) in the Clark Freeport Zone, in the Philippines, is expected to be completed this month, said a senior executive of Australia-listed Frontier Capital Group Ltd.

The firm announced in November it had decided to buy Stotsenberg Leisure and Hotel Corp – the holding firm for the Clark casino hotel – for a total consideration of US$26 million.

“The company is looking to complete the acquisition of Stotsenberg in late January,” Ram Navaratnam, one of the directors of Frontier Capital Group, said in a release on Wednesday.

“We are confident that our targets will be met and that Stotsenberg with the Casablanca Casino will set Frontier Capital Group up as an emerging player in the Southeast Asia gaming industry,” he added.

The firm’s shareholders will consider the acquisition of Stotsenberg Leisure and Hotel at a general meeting to be held on January 21. Frontier Capital Group is also proposing to rename itself Fortune Crown Group Ltd.

The Stotsenberg Hotel and Casablanca Casino has 239 hotel rooms, 190 slot machines, 36 gaming tables and two VIP rooms, according to a prospectus lodged with the Australian Securities Exchange on January 7. The property is located fewer than two kilometres (1.2 miles) from Clark International Airport.

In Wednesday’s release, Frontier Capital Group said an independent valuation conducted by Colliers International valued Stotsenberg land and buildings at AUD20.98 million (US$14.59 million). Colliers International provides commercial real estate consulting services, including valuation and appraisal services.

Frontier Capital Group wants to introduce a new growth strategy for the Casablanca Casino this year. It has said it plans to increase the number of gaming tables to 47, while the number of slot machines would increase to 250.

The firm has also said the expansion plan would be supported by the expected growth in the number of visitors following the approved expansion of the Clark International Airport

The company has additionally stated that it expects profit at the Philippines property to double by 2018 after completion of the expansion plan.


  • tweet
Related articles
  • Gaming recovery helps Melco Resorts EBITDA break even 4Q
    Gaming recovery helps Melco Resorts...

    Feb 26, 2021  

  • Int Ent half-year loss up, mulls financing for Manila IR
    Int Ent half-year loss up, mulls...

    Feb 25, 2021  

More news
  • Melco’s Lawrence Ho hopeful on Macau recovery in March
    Melco’s Lawrence Ho hopeful on Macau...

    Feb 26, 2021  

  • Paradise 4Q loss up sequentially, positive EBITDA
    Paradise 4Q loss up sequentially,...

    Feb 26, 2021  


Latest News

Melco’s Lawrence Ho hopeful on Macau recovery in March

Melco’s Lawrence Ho hopeful on Macau recovery in March

Feb 26, 2021  

Lawrence Ho Yau Lung, chairman and chief executive of casino operator Melco Resorts and Entertainment Ltd, says Macau’s casino sector could start showing recovery signs in “mid-to-late...
Read More
Paradise 4Q loss up sequentially, positive EBITDA

Paradise 4Q loss up sequentially, positive EBITDA

Feb 26, 2021  

Gaming recovery helps Melco Resorts EBITDA break even 4Q

Gaming recovery helps Melco Resorts EBITDA break even 4Q

Feb 26, 2021  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Partners

Pick of the Day


US$129.0 million

Adjusted EBITDA reported by Macau casino operator Galaxy Entertainment for the fourth quarter of 2020



Most Popular

  • Macau casino GGR soared in final days of CNY: brokeragesMacau casino GGR soared in final days of CNY: brokerages February 23, 2021
  • Pansy Ho sells off more stock in MGM Resorts for US$36mlnPansy Ho sells off more stock in MGM Resorts for US$36mln February 23, 2021
  • Macau removes last mainland cities from its quarantine listMacau removes last mainland cities from its quarantine list February 23, 2021
  • GEG in US$1.6bln construction deal on Galaxy Macau Phase 4GEG in US$1.6bln construction deal on Galaxy Macau Phase 4 February 22, 2021
  • Caesars out of Korea, ex-partner R&F asks 3yr delayCaesars out of Korea, ex-partner R&F asks 3yr delay February 19, 2021
Copyright 2014-2020 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us