Chinese conglomerate Shanghai Jucheng Supply Management Group is set to invest a $100m to develop an integrated resort and casino in the Cagayan Special Economic Zone and Freeport.
Cagayan Economic Zone Authority (CEZA) administrator and CEO Raul Lambino said the Chinese group planned to create a project modelled on South Korea’s Jeju Island which would capitalise on north-eastern Luzon’s tourism potential.
“This is one of the few unspoiled spots in the country that will cater to the sun worshipper, the nature lover and the adventurer,” said Lambino, who signed a signed a memorandum of understanding with Jucheng Group chairman Xue Chenbiao at the end of October.
He added that work on the project was expected to begin once CEZA and the Juncheng Group finalised the details of the proposed investment.
The planned five-star integrated resort will include a duty free mall and an Island Pacific supermarket – another Juncheng Group company – offering imported and local merchandise.
While president Rodrigo Duterte has recently reaffirmed his intention to curb further casino expansion in the Philippines, CEZA’s enabling legislation allows it to issue new casino licences.
Back in July, Lambino said CEZA had received letters of intent from four “big” Asian casino operators regarding developing resort projects in the zone.