Udenna to secure funding, development starts soon

The Udenna Group, developer of the Lapu-Lapu Leisure Mactan integrated resort, is set to complete the funding requirements needed for development, Business World reports.

“The debt component is given by China Bank. They are very supportive,” Dennis A. Uy said in an interview with Business World, adding that the agreement will be signed soon.

In May, the Udenna Group sold a 25 percent stake in listed oil company Phoenix Petroleum Philippines, raising P4 billion (US$80 million) to help finance the development of the Mactan IR in Cebu.

The group also recently obtained a provisional license agreement from the Philippine Amusement and Gaming Corp.

Mr. Uy said that the company is open to taking in a foreign partner to run the casino, but said they were confident they could do it themselves as well.

“A lot of the good managers and operators are Filipinos. They are in Macau and (Las) Vegas,” he said.

The development will sit on a 12-hectare prime beachfront in the province of Cebu.

Development of the project is eyed to start at the end of July or August, and completion is targeted for 2022.

When asked when the project will be profitable, Mr. Uy said “On year one of full operations.”

Mr. Uy also downplayed concerns of oversupply, noting that it is the only player in Mactan.