MRC Allied receives offer to buy stake in gaming firm

MANILA, Philippines - MRC Allied Industries Inc. said it has received an offer to acquire controlling interest in a local company that owns a license to operate a casino in Manila.

In a disclosure to the Philippine Stock Exchange (PSE), MRC said negotiations are at an exploratory stage as the details of the proposal are still being reviewed by the company.

The move is in line with the company’s plan to venture into the gaming business, utilizing its 136-hectare property in Cebu to accommodate a casino operation as proposed by a group of foreign investors.

MRC intends to transform its idle property in Cebu into an integrated entertainment resort complex to further enhance cashflow.

The global casinos and gaming sector grew by 7.5 percent last year to reach a value of $381.8 billion. By 2015, the global casinos and gaming sector is forecast to have a value of $512.9 billion, an increase of 34.3 percent since 2010.

Asia-Pacific accounts for 43.2 percent of the global casinos and gaming sector value.

Since 2000, MRC has had minimal operations and simply continued and maintained its two eco-friendly projects: the New Cebu Township One of Naga, Cebu and Amihan Woodlands Township of Northern Leyte, consisting of 700 hectares of raw land.

Located 35 kilometers away from the Mactan International Airport, the industrial estate in Naga City, known as the New Cebu Township One (NCTO), is registered with the Philippine Economic Zone Authority as a special economic zone. At present, the lead locator in the park is Kyocera, a Japanese manufacturer of ceramics. Further development is required to fully maximize the value of this property.