Chinese conglomerate Shanghai Jucheng Supply Management Group plans to invest $100 million to develop an integrated resort with a casino in the Cagayan Special Economic Zone and Freeport, local media reports.
CEZA administrator and CEO Raul Lambino was cited as saying the resort would be inspired by developments on the South Korean island of Jeju, incorporating features such as water parks and duty free shopping. It would also capitalize on the region’s natural beauty.
“This is one of the few unspoiled spots in the country that will cater to the sun worshipper, the nature lover and the adventurer,” said Lambino.
Lambino signed a memorandum of understanding last week with Jucheng Group founding chairman Xue Chenbiao in Shanghai.
He said the project was expected to begin as soon as the agency and the Juncheng Group finalized the details of the proposed investment.
CEZA is the master licensor for the freeport zone, which until recently was the main authority for online gaming in the country. It was forced to reinvent itself after land-based regulator, the Philippine Amusement and Gaming Corp., began also offering online licenses.
CEZA has been seeking to attract investment from Fintech and blockchain companies to create a Southeast Asian tech hub.