The Cagayan Economic and Freeport Zone Authority has received letters of intent from four separate gaming firms to establish integrated resorts within its province, local media reports.
During a press conference, Secretary Raul L. Lambino, administrator, and CEO of the CEZA said that the gaming companies come from Hong Kong, Malaysia, Japan, and Korea.
CEZA Senior Deputy Administrator Raymundo Roquero said they have already signed an MOU with the Hong Kong firm, which is expected to invest $500 million to develop Fuga Island into an integrated resort and casino.
The Fuga Island development is said to include a casino, hotel, theme park, villas, and theatres.
Roquero said the company is looking to replicate something akin to the Jeju Island development in South Korea.
The other three proponents are reportedly looking at initial investments of around $100 million each, starting with hotel and casino projects.
However, Lambino stressed that nothing was finalized yet, and that talks are still ongoing.
“We haven’t finalized anything yet. I happened to receive their letters only recently and we’re still discussing how to go about it.”
He also added that CEZA was not covered by the Pagcor moratorium which blocks the establishment of new IRs.
He said that CEZA is an independent body and has the authority to issue operating licenses to any investor including gaming firms.