The Gotianun family became the latest group to venture into the booming gaming sector after securing a license to build a $200-million integrated casino resort in Pampanga.
In a disclosure to the stock exchange on Thursday, April 5, Filinvest Development Corp. announced that subsidiary Mimosa Cityscapes, Inc. is investing a minimum of $200 million to develop an integrated resort within its 201-hectare Mimosa property in Clark.
“We foresee further upsurge in tourist arrivals upon completion of the project components,” Filinvest said.
The Philippines has one of Asia’s most freewheeling gaming industries and has benefited from warmer ties with China, a key source of wealthy gamblers, since President Rodrigo R. Duterte set aside territorial hostility with Beijing in exchange for pledges of loans and investments.
The country’s gross gaming revenues rose 11% to 176.5 billion pesos ($3.4 billion) last year, data from the country’s gaming regulator show. — Krista Angela M. Montealegre with Reuters