SM Investments to invest US$300m in new casino resort in the Philippines
Premium Leisure has already applied for a licence to build and operate the casino and resort in Clark.
The Philippines.- SM Investments is planning to invest at least US$300m in a new casino resort in Clark, Pampanga. A source told Reuters that Premium Leisure Corp (PLC), a subsidiary of SM Investments unit Belle Corp., has already applied for the necessary licences for the complex.
This project will feature a convention centre and a hotel. the news comes as another player in Clark, Hann Resorts, plans an initial public offering (IPO) valued at up to PHP20bn (US$342.2m). Hann operates the Hann Casino Resort and is developing Hann Reserve, a 450-hectare luxury estate located in Tarlac province.
Shares of Belle Corp. experienced a drop following the news, declining by 7.26 per cent. SM Investments saw a rise in its share price by 2.56 per cent.
Belle Corp. is a partner of Melco Resorts & Entertainment in the operation of City of Dreams Manila, leasing the space where the complex is located. It is not known if the latter company will have any participation in this new development.
Philippine Stock Exchange approves Premium Leisure delisting
Earlier this month, the Philippine Stock Exchange (PSE) confirmed the voluntary delisting of PLC. This decision follows the suspension of the company’s trading activities on May 7, prompted by a tender offer from its parent company, Belle Corp, which now holds a 99.55 per cent stake.
PLC earns a share of gaming revenue generated at City of Dreams Manila and has a lottery operation via Pacific Online Systems. Revenue was up 41 per cent year-on-year to PHP2.33bn (US$41.6m) for the full year 2023. Net income was PHP2.33bn (US$41.6m), up 85 per cent.
