The parent company of Premium Leisure Corp, a joint partner with Melco Resorts & Entertainment in City of Dreams Manila, is reportedly aiming to invest at least $300 million in a new casino-resort in Clark.
The investment is said to be undertaken by SM Investments – the Philippines’ most valuable company and the parent of Belle Corp, parent of Premium Leisure Corp.
Speaking to Reuters, a source said “aside from the casino, there will be a convention center and a hotel”.
Premium Leisure has already applied for a license to build and operate the casino and resort, sources told the publication.
The move would help create further synergy for Clark as a gaming hub, with Hann Resorts also seeking an IPO of up to PHP20 billion ($343.6 million) by early next year.
The group operates the Hann Casino Resort and is developing the multi-billion-dollar Hann Reserve, both in Clark.
While it’s still uncertain whether Melco Resorts will have a stake in the newly-proposed project in Clark, the group has been pursuing numerous opportunities outside its base in Macau – such as City of Dreams Mediterranean, in Cyprus and City of Dreams Sri Lanka, in Colombo, Sri Lanka.
Melco currently rents space from Belle Corp for City of Dreams Manila, as well as splitting revenue from the property with Belle Corp.
