Calata to sign deals for P65-B casino complex in Cebu
Bilyonaryo Joseph Calata expects to sign a memorandum of understanding and lease deals with its international partners this month for the establishment of a P65 billion integrated resort and casino complex in Lapu-Lapu City.
Calata Corp. said its partners Sino-America Gaming Investment Group LLC and Macau Resources Group Ltd. are looking at early September 2016 to form their Philippine unit Macau Leisure City Management Corp. (MLCMC).
A Manila Times report said MLCMC will be the main operator of the Mactan Leisure City.
In a real estate investment trust (REIT) shall be established also within the month to form the Calata Land Inc.
The REIT will be owned 51 percent by Calata, 35 percent by the Sino Group, and 14 percent by Calata President Joseph Calata.
Calata is an agribusiness company but is diversifying into the casino sector.