THE Philippine Amusement and Gaming Corp. (Pagcor) granted Udenna Development Corp. (UDC) led by Davao-based businessman Dennis Uy a provisional license to construct a $341-million integrated resort and casino in Cebu.
“We are grateful for the confidence and opportunity given to us by Pagcor. This approval is accepted with our commitment to the integrity and transparency demanded by the President Rodrigo Duterte administration, our regulators, and the broader gaming industry. This significant event is only the beginning of our vision of a globally competitive leisure, residential and commercial destination in Central Visayas,” UDC owner Dennis Uy said in a statement on Friday.
UDC consists of a group of companies engaged in petroleum, shipping, logistics and real estate.
UDC’s 12.5-hectare resort project will be named Lapu-Lapu Leisure Mactan, located six kilometers from the
Mactan-Cebu International Airport and with views of Hilutungan Channel to the south and Magellan Bay to the north.
The master-planned property will feature modern buildings, lush greens with infinity pools, a skydiving center on a pier, a commercial retail complex, convention center, luxury hotels, condotels, villas and plush private residences.
“We’re very bullish on the tourism and hospitality prospects in the Philippines. As shown by the leadership of the President, it’s high time that we invest in tourism and gaming,” Uy added.
“We’ll open at least 800 jobs and we’ll do it in two phases,” he said.
The project will serve as a key economic growth driver in Central Visayas and a major revenue contributor for the government, Pagcor Chairperson and Chied Executive Officer Andrea Domingo said.
“With its huge potential to become a world-class tourist and entertainment destination, this project will greatly benefit not only Central Visayas but the country as a whole,” Domingo said.
Lapu-Lapu Leisure Mactan is slated to begin operations in 2019 with target completion in 2022.