In the Philippines, the shuttered Casablanca Casino is reportedly soon set to re-open following the venue’s newest owner agreed a deal with the Philippine Amusement and Gaming Corporation regulator settling a superb escrow requirement.
According to a report from GGRAsia, the casino located inside the 239-room Hotel Stotsenberg in central Luzon was purchased by Sydney-recorded Frontier Capital Group Limited in February of 2016 a month after it had been forced to close due to its then-owner, Stotsenberg Leisure Park and Hotel Corporation, being not able to fulfill a minimum regulator-mandated security obligation worth roughly $4.25 million.
Buxom ‘bank balance’:
Henri Ho, Chairman for Frontier, reportedly used a formal Monday filing to declare that his company is presently planning an ‘imminent’ re-launch of gaming services inside Casablanca Casino, which sits inside the Clark Freeport Zone near Angeles City, after functioning ‘diligently to meet ’ the Philippine Amusement and Gaming Corporation’s ‘functional demands. ’
Ho’s announcement reportedly read…
“Frontier Capital Group Limited will recommence operations at Casablanca Casino with a healthy bank balance. The business has secured the capital required to satisfy the Philippine Amusement and Gaming Corporation requirements to reinstate operations in Casablanca Casino, which will be impending.
Clark Freeport Zone is a gentrified former United States Air Force base and the closing of Casablanca, which had offered a selection of about 190 slots alongside several 36 gaming tables, had left the area with five functional casinos. Although Frontier did not disclose exactly what the venue’s newest gaming complement may encompass, it did reportedly reveal that it had lately got a refund worth roughly $1.06 million due to the collapse of a deal that was to have seen it obtain a stake at the Mongolian National Lottery.