Summary: Belle Corporation plans to invest up to US$300 million in a new casino resort in Clark, Philippines, pending a license from PAGCOR. The project, estimated to take two years, will leverage Clark's strategic location for access to key Asian markets and represents a significant step in Belle Corporation's growth strategy.
Belle Corporation, a prominent Philippine real estate firm, is poised to invest up to US$300 million in the development of a new casino resort in Clark, Philippines. This significant investment underscores the company’s strategic expansion plans within the burgeoning Philippine gaming market.
According to statements made by President and CEO Armin Raquel Santos to The Philippine Star, Belle Corporation remains committed to expanding its gaming portfolio beyond Manila. The company is currently awaiting the issuance of a license from the Philippine Amusement and Gaming Corporation (PAGCOR), a crucial step in initiating the project. It’s important to note that Belle Corp’s existing portfolio includes a significant land ownership stake in City of Dreams Manila, a joint venture with Melco Resorts & Entertainment.
Raquel Santos provided an update on the licensing process, stating, “We need to get the license first, hopefully within the year. We already have a letter of no objection. The ball is in their court, so we’ll see.” This indicates a positive outlook, with the company anticipating a timely resolution.
Belle Corp Chairman Willie Ocier further elaborated on the project’s scope, estimating a development timeline of approximately two years and a total cost ranging from US$200 million to US$300 million. This represents a considerably smaller investment compared to the City of Dreams Manila project.
The strategic location of Clark was highlighted by Raquel Santos, emphasizing its accessibility to key Asian markets, including mainland China, Hong Kong, Singapore, South Korea, and Japan. This proximity is expected to attract a significant influx of international tourists and high-roller clientele.
Santos expressed confidence in the project’s long-term potential, stating, “We envision this new business to be a new source of growth and stability in the years to come.” This statement reflects Belle Corporation’s commitment to diversification and sustainable growth.
Belle Corp initially announced its interest in developing a Clark casino in January, following the submission of a license application to PAGCOR. This latest update provides further details on the project’s scale and timeline.
It is noteworthy that despite exploring expansion opportunities, Belle Corp has publicly stated its disinterest in acquiring Melco’s stake in City of Dreams Manila, following Melco’s February announcement regarding the exploration of strategic alternatives for its Manila integrated resort.
