Calata partners with 2 groups for P65-B Cebu casino

ABS-CBN News

Posted at Aug 23 2016 08:54 PM

Mactan Leisure City File image

MANILA - Agribusiness firm Calata Corp. on Tuesday said it has partnered with two firms--Sino-America Gaming Investment Group and Macau Resources Group--to create a real estate and investment trust for a P65 billion casino in Cebu.

The 14-hectare casino resort on Mactan Island, to be called Mactan Leisure City, is expected to be operational by 2020, the company told the stock exchange.

The project is expected to generate gross annual revenues of around P55 billion, it added.

"Sino and Calata Corporation shall likewise be looking into agri-related projects and other related opportunities," Calata said.

Calata shares surged 28.16 percent to P3.55 on Tuesday.