SM Investments, the Philippines’ most valuable company, is planning to invest up to $300 million in an integrated casino and resort north of Manila, according to local media reports.
Premium Leisure, a unit of SM’s Belle Corp, has submitted an application for a license to develop and operate a casino and resort in Clark, Pampanga province, sources familiar with the matter said, as per a The Business Times report. Clark, a former US military air base, has been transformed into a leisure and business hub.
The news of this expansion had an immediate impact on Belle’s shares, which fell 7.26% and closed at a 10-week low. This decline came in stark contrast to the broader stock market index, which gained 0.31%. Meanwhile, SM’s share price ended 2.56% higher.
“Aside from the casino, there will be a convention center and a hotel,” one source told Reuters.
Premium Leisure, which recently delisted from the stock exchange, is the landlord of the $1 billion-plus City of Dreams casino-resort. The luxury complex, located in Manila’s smaller version of the famous Las Vegas gaming strip, is operated by Nasdaq-listed Melco Resorts & Entertainment.
SM, Belle, and Premium Leisure officials did not immediately respond to requests for comment from other media.
Original article: https://www.yogonet.com/international/news/2024/07/17/73162-philippines-sm-investments-reportedly-planning-300-million-casinoresort-in-clark
