LOOK: Proposed $1-B casino in Mactan Cebu

ABS-CBN News

Posted at Apr 10 2015 07:00 PM | Updated as of Apr 11 2015 03:02 AM

MANILA, Philippines - The Philippine Amusement and Gaming Corp. (Pagcor) confirmed a US investment group and a Macau-based gaming operator want to put up a casino in the Philippines.

Pagcor says letters of intent have been received, but declined to say how far along the plans are.

Reuters reported US-based RiskWise Group and Macau Resources Group plan to spend a billion dollars on two new casino resorts, not in Metro Manila, but in Cebu and an island in Masbate provicne.

Riskwise provided ANC with an artist's concept for the proposed Mactan Leisure City in the northern part of Mactan island in Cebu.

Proposed Mactan Leisure City in Cebu. Courtesy of Riskwise Group

The Philippines has emerged as one of Asia's hottest gambling hubs, with Chian's crackdown on corruption scaring Chinese high rollers away from Macau.

Two billion-dollar casino-resorts are already operational in Metro Manila -- Enrique Razon's Solaire and The City of Dreams Manila venture of the Sy group and billionaires Lawrence Ho and James Packer of Melco Crown. - With reports from Michelle Ong, ANC