MANILA, April 5 (Reuters) - Philippines’ Filinvest Development Corp said on Thursday it will build a $200 million integrated casino project north of the capital, to take advantage of an expected rise in gaming revenues in the country.
Filinvest bagged a provisional licence from the gaming regulator to build and operate a casino in the province of Pampanga, around 100 kilometers (62 miles) from the capital, the company told the stock exchange. (bit.ly/2EhnzfX)
The Southeast Asian nation’s gross gaming revenues rose 11 percent to 176.5 billion pesos ($3.4 billion) last year, data from the gaming regulator show.
The minimum investment for the casino, shopping mall, hotel and events venue is $200 million, Filinvest said.
“We foresee further upsurge in tourist arrivals upon completion of the project components,” it said.
The Philippines has one of Asia’s most freewheeling gaming industries and has benefited from warmer ties with China, a key source of wealthy gamblers, since President Rodrigo Duterte set aside territorial hostility with Beijing in exchange for pledges of loans and investments. ($1 = 52.1410 Philippine pesos) (Reporting by Neil Jerome Morales; Editing by Stephen Coates)