Scientific Game

Cebu City Council endorses new US$356 million IR

Friday, 24 November 2017 07:21
Share
Visit us

The Cebu City Council has approved a resolution endorsing to Pagcor an application by Universal Hotels and Resorts Inc to build an integrated resort on Kawit Island.

As reported by a number of local Philippine media outlets, councilers voted in favor of endorsing the project by a margin of 7-5 after Universal President Frederick Go sent a letter requesting the issuance of a “resolution of no objection.” The plan calls for the development and operation of a world-class integrated resort including a casino, 1,000 hotel rooms, a convention center, restaurants and more.

Go is also linked to the real estate arm of JG Summit Holdings, which last week pledged to invest Php18 billion (US$356 million) in the proposed IR.

“The Universal Hotels and Resorts Inc intends to contribute in making Cebu City as the newest tourism destination in the country by developing and operating a Pagcor-accredited and world-class integrated resort and casino facility,” the council measure reads.

If approved, the plan would see JG Summit Holdings lease the eight-hectare site for 50 years, with the city to receive a 10 to 15% share of sales once the development is complete.

However, a number of council members voiced their opposition to the measure, with Raymond Alvin Garcia stating, “We’re being presumptuous. We’re giving authority to them as if Universal Hotels and Resorts Inc is the winning bidder of the project even if their unsolicited proposal will still have to go through Swiss Challenge. It’s like we’re doing them a favor without even going through the whole process first.”


 

What's new

Galaxy announces plans for US$500 million Philippines resort

Galaxy announces plans for US$500 million Philippines resort Leading Macau concessionaire Galaxy Entertainment Group (GEG) has announced plans to build a US$300 million to US$500 million integrated resort on the island of Boracay in the Philippines. As reported by Bloomberg on Friday, GEG Deputy Chairman Francis Lui met with Philippines President Rodrigo Dut... Monday, 11 December 2017 06:09

G2E Asia wins Brand Exhibition Award for second year running

G2E Asia wins Brand Exhibition Award for second year running G2E Asia organizer Reed Exhibitions has announced that the leading Macau gaming trade show will receive the Brand Exhibition Award for the second year running at the 2017 Macao Convention and Exhibition Commendation Awards, to be held in Macau on Tuesday 12 December. The annual award recognizes and... Monday, 11 December 2017 05:37

Imperial Pacific grants Ji Xiaobo three-year extension as Saipan Project Director

Imperial Pacific grants Ji Xiaobo three-year extension as Saipan Project Director Imperial Pacific International Holdings has announced that it has extended the contract of Saipan Project Director Ji Xiaobo for another three years until the end of 2020. Ji, who came in at number 29 on Inside Asian Gaming’s 2017 Asian Gaming Power 50 list released last week, is the son of Ms Cu... Monday, 11 December 2017 05:23

All Japan Poker Championship launches new poker tour across Asia

All Japan Poker Championship launches new poker tour across Asia The All Japan Poker Championship (AJPC), an organization hosting poker tournaments in Japan, has announced the launch of a new international poker tour with the aim of “developing one of the largest circuits in Asia.” The AJPC Asian Circuit will kick off in Korea this week with its first ever e... Monday, 11 December 2017 04:59

Current Issue

2017 Inside Asian Gaming Power 50: Meet the Selection Panel

2017 Inside Asian Gaming Power 50: Meet the Selection Panel Andrew W Scott CEOInside Asian Gaming Inside Asian Gaming’s CEO first entered a casino in 1986, fell in love with the surrounds and has been around them ever since. Andrew founded World Gaming Group and launched WGM in 2009, took over IAG in 2015, debuted a third magazine called High Life in ... Tuesday, 05 December 2017 19:28

2017 Inside Asian Gaming Power 50: Ten Years On

2017 Inside Asian Gaming Power 50: Ten Years On A decade of making the Asian Gaming Power 50 By Andrew W ScottIAG Asian Gaming Power 50 selection panel Chairman EVERY year for the last decade, Inside Asian Gaming has completed a task that is fascinating, exhilarating, intellectually stimulating and industry-defining whilst simultaneously bei... Tuesday, 05 December 2017 19:12

2017 Inside Asian Gaming Power 50: Number 19 -  James Murren

2017 Inside Asian Gaming Power 50: Number 19 - James Murren 19 James Murren CHAIRPERSON AND EXECUTIVE DIRECTORMGM China Holdings POWER SCORE1,165 LAST YEAR12 CLAIMS TO FAME • Chairman of the world’s second largest casino company • Credited with keeping MGM Resorts afloat during the GFC If the strong domestic results achieved by MGM China’s pa... Tuesday, 05 December 2017 14:44

2017 Inside Asian Gaming Power 50: Number 18 - Chen Lip Keong

2017 Inside Asian Gaming Power 50: Number 18 - Chen Lip Keong 18 Chen Lip Keong CEO AND EXECUTIVE DIRECTORNagaCorp POWER SCORE1,234 LAST YEAR20 CLAIMS TO FAME • Casino monopoly within 200 kilometers of Phnom Penh runs to 2035, license to 2065. • Owns 65% of first gaming company ever listed in Hong Kong • NagaWorld extension Naga2 debuted in Novemb... Tuesday, 05 December 2017 14:39