The Philippines is home to some of the most iconic hotel and casino resorts in Asia. As reported recently, some of casino land is offered up for grabs. As revealed by several local news outlets, the state-owned casino and hotel operator in the state is looking forward to making around $8 million by selling three land parcels that it owns in central Luzon. Luzon is the most populous as well as the biggest Philippines island which is also the fifteenth biggest island in the world by its land area.
The island of Luzon is located in the northern area of the Philippines archipelago. It serves as both political and economic center of the whole nation which is not surprising considering that the country’s most populous Quezon City, as well as its capital Manilla, are both located here. When it comes to the country’s casino industry, some of the Luzon-based casino lands are just offered up for sale as reported by the Asia Gaming Brief news outlet.
The PAGCor Eager to Attract Bids for Three Parcels
According to this report, the PAGCor or the Philippine Amusement and Gaming Corporation has already put a $7.7 million price on a 175,828 square feet land plot located in Santa Rosa. It was also reported that the Philippine Amusement and Gaming Corporation has also attached a $250K-worth valuation to a 34,972 square feet land plot located in the nearby Dasmarinas.
As if these upcoming sales are not enough, the country’s gaming regulator is also extremely eager to sell off 160,263 square feet parcel for at least $53,100 which it owns in the city of Paranaque. As revealed by the regulator’s officials, all sales related to these land parcels will be conducted on a cash basis. The Asia Gaming Brief news outlet also shared that individuals interested in purchasing these parcels must be the country’s citizens even though corporate buyers are also allowed to have up to forty percent of their capital in the country managed by some international, offshore entities.
Moreover, the country’s regulator PAGCor stipulated that purchasing any of these land parcels is not set to confer their new owners with any kind of the right to build and operate casinos or any related business including those related to the iGaming industry. In other words, a license to build and operate any kind of gaming operations or a casino license does not come as part of the sale deal for the three parcels. For this reason, the winning bidder of those properties will not have the necessary rights nor the necessary authority to construct and operate a casino venue or any other gaming operation.
The PAGCor Sale from June 2018
The same news outlet which shared the news about the regulator selling off three casino parcels also mentioned that the PAGCor conducted a similar sale in June last year. This action, in particular, had involved almost 40 acres of land situated within the Manilla’s Entertainment City area.
Once this land parcel was offered up for sale, the Sureste Properties Incorporated of the Bloomberry Resorts Corporation was quick to pay for the land around $717 million. The paid price included the combined tracts so that the new owner of the land can enjoy the benefits and attractiveness of the Solaire Resort and Casino venue which features eight hundred rooms alongside other amenities.