Dennis Uy bags license to build $300M gaming hub in Cebu

Pagcor Chairman and CEO Andrea Domingo and Udenna President and CEO Dennis A. Uy (center) signed a provisional license agreement on May 3 for the development of the Lapu-Lapu Leisure Mactan integrated resort and casino. Also in the picture are Udenna Director of Special Projects Raymundo Martin Escalona; Pagcor Director Reynaldo Concordia and Pagcor President and COO Alfredo Lim. (from left to right)

Davao-based businessman Dennis Uy has obtained a provisional license from the state-controlled Philippine Amusement and Gaming Corp. (Pagcor) to develop a $300-million integrated gaming resort in Cebu.

Uy’s holding firm Udenna Corp. signed with Pagcor a provisional license agreement for what could become the country’s first privately run integrated resort and casino outside Metro Manila.

Udenna expects to break ground for the integrated resort and casino in three months. It targets to complete the development in 2022, with the casino, retail complex and hotels scheduled to open as early as 2019.

Wholly owned subsidiary Udenna Development Corp. (UDEVCO) will build the $300-million integrated resort and casino on the Punta Engaño peninsula on Mactan Island, Lapu-Lapu City.

The development called Lapu-Lapu Leisure Mactan will rise within a 12-hectare prime beachfront only six kilometers, or a 20-minute drive, away from the airport.

Lapu-Lapu Leisure Mactan will feature iconic modern buildings surrounded by lush greens and infinity pools. It will have a skydiving center on a pier, a retail complex, a convention center, luxury hotels and villas, specialty dining options, private residences and condominium-hotels.

The development is seen to give residents and guests access to the longest stretch of beachfront on Mactan as well as a view of the Hilutungan Channel and the Magellan Bay, making it a premier business and holiday destination all year round.

Lapu-Lapu Leisure Mactan is also seen to cater to adventurous people, serving as a gateway to the best diving, snorkeling, island hopping and water sports experience in the country.

“Lapu-Lapu Leisure Mactan only marks the beginning of our vision of a world-class leisure, residential and commercial destination in Central Visayas,” said Uy, president and chief executive officer of Udenna.

“We see this integrated development taking a major role in bringing the Philippines on a par with the region’s premier destinations for leisure, gaming and meetings as well as for commercial and residential investments.”/Inquirer.net