MANILA -- At least four foreign companies have expressed intention to develop integrated resorts in the province of Cagayan.
Cagayan Economic Zone Authority (CEZA) Administrator and Chief Executive Officer Raul Lambino told reporters Thursday that his office received letters of intent from companies based in Japan, South Korea, Malaysia, and Hong Kong.
He explained that the development of integrated resorts will involve hotel, casino, theme park, theater, and villas.
“I have 55,000 hectares available,” Lambino said, pertaining to the available land that can be developed in Cagayan. These properties are private and government-owned land.
The CEZA chief said three of these companies are looking at an investment of at least USD100 million, while one firm will be investing USD500 million. The investments of these companies would likely be reaching USD800 million or around PHP42.7 billion.
He noted that the investment promotion agency will be the one to issue licenses for casino operations within the Cagayan Special Economic Zone and Freeport.
Moreover, CEZA Senior Deputy Administrator Raymundo Roquero said one of the foreign companies eyes to develop the Fuga Island in Cagayan for the integrated resort facility.
Roquero added that another investor aims to replicate the casino hotels in Jeju Island in South Korea for its operation in Cagayan. (PNA)
