In response to a recent Reuters article reporting on plans to invest in an integrated resort north of Manila, Belle Corp. has issued a clarification regarding the status of its potential casino project in the Clark Freeport Zone, stating the project is still in very early stages.
The article stated that Premium Leisure, a subsidiary of SM’s Belle Corp., had applied for a license to build and operate a casino, convention center, and hotel in Clark, Pampanga province.
However, Premium Leisure has now reiterated that any information on potential investments or specific plans for a project within Clark City is still too preliminary at this stage.
The company explained that its gaming-focused investment unit has indeed applied for a gaming license from government regulators, but no final investment decisions have been made.
‘We are still in no position to make any confirmation on the details of this potential project, as the application for the license has yet to be acted upon,’ the company said in a statement. ‘We will make the appropriate disclosures once any investment decisions have been finalized.’
Premium Leisure holds a stake in the City of Dreams Manila casino resort in the Philippine capital.
The company recently delisted from the Philippine Stock Exchange and is now a privately-held subsidiary of Belle Corp., which is in turn owned by SM Investments Corp., the country’s most valuable conglomerate.
In comments to Reuters, industry analyst Juan Paolo Colet of China Bank Capital suggested that Premium Leisure’s planned investment in Clark could also benefit from the upcoming IPO of Hann Resorts, another gaming and leisure group operating in the Clark Freeport Zone.
While the Reuters report provided details on the potential scale of Premium Leisure’s Clark project, valued at over $300 million, the company has now emphasized the preliminary nature of these plans.
