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Udenna to build $300-M casino-resort in Cebu

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Reuters

MANILA - Udenna Corp said on Thursday it would build a $300 million integrated casino-resort in Cebu, the first such outside capital Manila.The Southeast Asian nation&#x27;s gaming regulator is inviting investors to build casino-resorts outside the capital to accelerate growth in the gambling and tourism sectors despite a crackdown by China, a big source of high rollers, on wealthy punters.Unlisted Udenna, a holding firm owned by one of the top campaign contributors of President Rodrigo Duterte, plans to start construction of the Lapu-Lapu Leisure Mactan in Cebu city in three months, the company said in a statement.&quot;We see this integrated development taking a major role in bringing the Philippines on par with the region&#x27;s premier destinations for leisure, gaming and meetings as well as for commercial and residential investments,&quot; said Udenna President Dennis Uy.Andrea Domingo, chairman of the Philippine Amusement and Gaming Corp (Pagcor), had said in March the regulator had approved a $500 million project for an integrated casino-resort in Cebu. Domingo did not name the project builder then.Pagcor was not immediately available for comment on Thursday.Udenna&#x27;s integrated casino-resort will be built on a 12-hectare (29.6-acre) beachfront property six kilometers (3.7 miles) from an international airport.The casino, retail complex and hotels are scheduled to open as early as 2019. Udenna bagged on Wednesday a provisional license from Pagcor.The Philippines, which has one of Asia&#x27;s most freewheeling gaming industries, targets gross gaming revenue of 155 billion Philippine pesos to 160 billion pesos ($3.1 billion to $3.2 billion) this year, up 4 percent to 7 percent from last year, government data showed.Growth will be driven by warmer ties with China and increasing foreign visitors.

MANILA - Udenna Corp said on Thursday it would build a $300 million integrated casino-resort in Cebu, the first such outside capital Manila.

MANILA - Udenna Corp said on Thursday it would build a $300 million integrated casino-resort in Cebu, the first such outside capital Manila.