Australia-listed Frontier Capital Group said it has the funds to satisfy the Philippine Amusement and Gaming Corp. requirements to restart operations of the Casablanca Casino in the Clark Freeport Zone.
The company said the funds have come from the return of a deposit on a failed acquisition to buy a license to operate the Mongolian National Lottery. It has received the balance of the A$1.5 million paid towards the cash consideration of that deal, which has now been terminated.
“The company has worked diligently to satisfy Pagcor’s operational requirements and to secure the return of the Mongolian National Lottery deposit,” Frontier Chairman Henri Ho said in a release to the stock exchange. “I am pleased that both have now been achieved. FCG will soon recommence operations at the Casablanca Casino with a healthy bank account.”
The casino, which operates out of the Hotel Stotsenberg in the Clark Freeport Zone was ordered to close in early 2017 after failing to meet escrow payments of some A$6.5 million. The 239-room hotel was permitted to continue operations.