Chinese company invests $100 million in Philippine casino
As previously reported, the authorities of the CEZA (Cagayan Special Economic Zone) in the Philippines signed a memorandum of understanding with Shanghai Jucheng Supply Chain Management (Group) Co Ltd to develop a new casino resort at CEZA.
According to CEZA, quoted by local media, a firm located in mainland of China will invest at least $ 100 million in the construction of a gaming area.
In July, CEZA executive director Raul Lambino announced that at least four foreign companies had expressed their intention to develop casinos resorts in CEZA.
It is noted that the project of Jucheng group was made public, despite the announced nationwide pause to issue additional licenses for casinos in the Philippines.
The law allows a state firm to directly grant permits, reports the Philippine Inquirer. According to Lambino, CEZA will be the legal entity issuing licenses for casinos in Cagayan.
According to the CEZA announcement, the Jucheng project will also include water parks and shops.
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