LISTED farm products distributor Calata Corp. is partnering with Sino-America Gaming Investment Group LLC and Macau Resources Group Limited for the creation of a corporate vehicle intended for the future establishment of a real estate and investment trust (REIT) that will be used as a vehicle to put up a P65-billion resort on Mactan Island in Cebu.
To be called Mactan Leisure City, the project will be located on a 14-hectare property on Mactan Island and will incorporate three hotels, casino and entertainment complex, commercial, retail, and conference facilities, and yacht club.
The integrated resort is envisioned to generate thousands of jobs for Filipinos and is forecast to make gross annual revenues of around P55.7 billion
The Macau Group and Sino will initially infuse around P836.1 million into the project, of which some P234 million will be injected into Calata. In turn, Calata will invest the funds into its majority-owned corporate vehicle. The remaining P602.1 million will then be directly infused into said corporate vehicle.
“The Mactan Leisure City is just part of the numerous projects which Calata Corp. and its partners shall be handling,” the company said, adding that the partnership with Sino will also look into farm-related projects and other related opportunities.
Sino, together with its investment partners, looks forward to capitalizing future agriculture projects with Calata, the farm products distributor said.
“Sino views initiatives directed to Philippine agriculture sector as an opportunity not only to increase profitability but also to stabilize regional food supply, and reduce door cost while providing fresh locally grown produce, and ensuring the backbone of the nation is maximizing its potential benefit to the country’s Gross National Product, as the Philippines continues to transform,” Calata said.