Calata to go into gaming?
The publicly listed agricultural company, Calata Corporation, has partnered with Sino-America Gaming Investment Group LLC and Macau Resources Group Ltd. that has expressed interest in investing $1 billion in the Philippines on two casino resorts.
In a disclosure to the stock exchange, Calata said it has partnered with Sino-America Gaming Investment Group and Macau Resources Group to create a company for a real estate and investment trust, an investment vehicle for real estate that works like a mutual fund.
Calata said the REIT will be used for the Mactan Leisure City and that the creation of the corporate vehicle for the REIT is still subject to “appropriate corporate and regulatory approvals.”
Details of the deal are not clear, with Calata saying only that the details of its agreements will be disclosed immediately upon availability.
Reuters reported last year that Sino-American Gaming Investment Group and Macau Resources Group have proposed large scale resorts in Cebu and on the island of Napayawan which is near a proposed airport.
Sino-American Gaming was reported to be taking in hotel chain Banyan Tree and were negotiating with the Marriott group for the project.