Gokongweis to enter gaming scene with planned P18B casino
The Gokongwei family plans to build an integrated casino resort in Cebu to take advantage of the booming tourism in the province.
The family, through a privately-held company, submitted to Cebu City Mayor Tomas Osmena its proposal to develop an P18 billion mixed-use complex on Kawit Island at the South Road Properties.
Osmena told reporters that the proposed development, which will be in partnership with a foreign group, would include a casino, 1,000 room hotel, convention center, yacht club, water park, and restaurants.
He said the Gokongwei group would formally submit its unsolicited proposal this month.
The Philippines is eyeing a four percent rise in gross gaming revenues this year to P155 billion to P160 billion, driven by warmer ties between the Philippines and China.