Chinese conglomerate inks Philippines casino deal

From the Philippines, a Chinese conglomerate has signed an agreement which will see it spend $100 million so as to bring a brand new integrated casino resort into northern Luzon’s Cagayan Special Economic Zone and Freeport.

CEZA consent:

According to a report by GGRAsia, Shanghai Jucheng Supply Chain Management Group Company Limited inked its memorandum of understanding with all the Cagayan Economic Zone Authority (CEZA) yesterday and imagines the as yet inexplicable development also comprising a water park element as well as a large retail element.

Discounting Presidential frost:

The Chinese firm allegedly has extensive interests in trading, manufacturing and logistics and entered to the partnership for the Cagayan Province growth despite Philippines President Rodrigo Duterte issuing a freeze before this season on the construction of any more casinos out the Entertainment City zone near Manila.

Entity to issue own license:

But Raul Lambino (pictured), Chief Executive Officer for CEZA, allegedly declared in July that four foreign companies had since expressed an interest in bringing a gaming facility to the Cagayan Special Economic Zone and Freeport. He told the Philippine Daily Inquirer newspaper that his thing intends to circumvent the supposed stop by issuing its casino licenses, which will be something that’s supposedly permitted under the 1995 legislation which established the state-owned enterprise.

CEZA’s Monday announcement read…

“Over the upcoming few years, the Chinese team will put into investments estimated at $100 million to create this seldom explored corner from the northern Pacific Ocean which is part of the sprawling CEZA territory.

Deciding final details:

GGRAsia reported that Lambino revealed that he now hopes to see further progress on the planned development soon after the 2 sides conclude discussions concerning the specific details of the venue set to be located several 385 kilometers north of Manila.