SUMMARY
This is AI generated summarization, which may have errors. For context, always refer to the full article.
MANILA, Philippines – Udenna Corporation, the holding company of Davao-based businessman Dennis Uy, plans to build a $300-million integrated resort and casino on the Punto Engaño peninsula on Mactan Island, Lapu-Lapu City.
Udenna said in a statement on Thursday, May 4, that it signed a provisional license agreement with the Philippine Amusement and Gaming Corporation (Pagcor) for what could become the country’s first integrated resort and casino outside Metro Manila.
Dubbed as Lapu-Lapu Leisure Mactan, the development will rise within a 12-hectare prime beachfront 6 kilometers, or a 20-minute drive, away from the Cebu airport.
Lapu-Lapu Leisure Mactan will feature iconic modern buildings surrounded by lush greens and infinity pools. It will have a skydiving center on a pier, a retail complex, a convention center, luxury hotels and villas, specialty dining options, private residences, as well as condominium-hotels.
Udenna said the development will provide access to the longest stretch of beachfront in Mactan as well as views of the Hilutungan Channel and the Magellan Bay.
Udenna plans to break ground for the integrated resort and casino in 3 months’ time. It targets to complete the development in 2022, with the casino, retail complex and hotels scheduled to open as early as 2019.
Other businesses
“Lapu-Lapu Leisure Mactan only marks the beginning of our vision of a world-class leisure, residential and commercial destination in Central Visayas,” said Udenna president and chief executive officer Uy, one of the major campaign contributors of President Rodrigo Duterte.
The shipping arm of Udenna, Chelsea Logistics Corporation, has also announced plans to raise as much as P8 billion through initial public offering (IPO) in July to fund the company’s cargo and passenger shipping businesses expansion plans.
Chelsea Logistics will be the second company of the Udenna group to go public after Phoenix Petroleum Philippines Incorporated in 2007.
Udenna is poised to further expand its footprint in the logistics sector with the planned consolidation of its stake in 2GO Group Incorporated with its other shipping businesses under Chelsea Logistics.
Udenna indirectly has 21% voting and 28% beneficial interests in 2GO.
Uy has also replaced Sulficio Tagud Jr as president and chief executive officer of 2GO. – Rappler.com
Add a comment
How does this make you feel?
There are no comments yet. Add your comment to start the conversation.