The Filinvest Group has re-affirmed its investment of more than $200 million into its first-ever integrated casino resort in Clark, Philippines, local media reports.
The company received a provisional license by the Philippine Amusement and Gaming Corp last year.
The resort is set to include a casino, lifestyle mall, five-star hotel, and events venue.
It is expected that a third-party casino operator will manage the casino operations.
“It is our intention to work with a leading casino operator that will align with our vision of a premier destination,” said Josephine Gotianun-Yap, FDC president in a statement last year.
Gotianun-Yap said the conglomerate marks a new phase with its participation in the development of the New Clark City.
“We start a new phase in the FDC story with our entry into infrastructure and logistics parks in New Clark City. Not only will these provide balance to our more cyclical property and banking segments and add another layer of diversity to our income mix, but these will also complement existing investments in the dynamic Clark corridor,” Yap said.
The company recently broke ground for a 288-hectare development in New Clark City, a joint venture with the Bases Conversion Development Authority (BCDA).
The group also expects to start construction of Phase 1 of Filinvest at New Clark City, a 64-hectare innovation and logistics park which is targeted for completion in 2020.