Foreign gaming firms to infuse P836.1M in Calata Corporation
Two foreign gaming firms, Macau Resources Group Ltd. and Sino-American Investment Gaming Group LLC, are putting in an initial P836.1 million in the listed agricultural firm Calata Corporation for the gaming resort it wants to set up in the country.
In a disclosure to the stock exchange, Calata said the two firms will invest P234 million in Calata’s majority owned corporate vehicle and that P602.1 million will be infused directly into Calata.
Calata and the two foreign firms entered into a partnership for the gaming venture that is intended for a real estate investment trust for the Mactan Leisure City.
The company said it is looking to start work on the Mactan Leisure City by January 2017, subject to the issuance of government permits including that from the Tourism Infrastructure and Enterprise Zone Authority.
Construction for the project is expected to last 42 months, including six months for warranty works. The company is projecting completion of the project by the middle of 2020.