Premium Leisure plans new casino resort project

MANILA, Philippines — Premium Leisure Corp. (PLC), a subsidiary of listed Belle Corp., is eyeing to add another casino resort development in its portfolio.

In a stock exchange filing, Belle said gaming-focused investment companies of PLC have applied for a gaming license from government regulators.

“However, as information on potential investments, much less plans, of any specific project, specifically within Clark City in Central Luzon, are still too preliminary at this point, especially considering that the application for license has yet to be acted on, we are still in no position to make any confirmation thereon,” Belle said.

Reuters earlier reported that PLC has applied for a license to build and operate a casino and resort in Clark, with plans to invest at least $300 million for the development.

Belle, one of the portfolio investments of the Sy family’s SM Investments Corp., is a co-licensee and owner of the land where City of Dreams is located.

Belle’s PLC has a partnership with Melco Crown Entertainment, which in turn operates integrated casino resort City of Dreams at the Entertainment City.

It owns 100 percent equity investment in Premium Leisure and Amusement Inc., a grantee by the Philippine Amusement and Gaming Corp. of certificate of affiliations and provisional license to operate integrated resorts, including casinos, in the vicinity of PAGCOR Entertainment City.

A company engaged in gaming-related businesses, PLC delisted from the Philippine Stock Exchange earlier this month.

Belle’s board of directors last March approved the conduct of a tender offer of PLC shares in connection with the voluntary delisting of the latter. The company’s stockholders approved the voluntary delisting last April.