SM eyes casino project in Cebu

MANILA, Philippines - Mall and banking giant SM Investments Corp. (SMIC) is making a huge bet in Cebu as it plans to pursue a casino project in the Queen City of the South.

SMIC chief finance officer Jose Sio told reporters on the sidelines of the Latham & Watkins annual investment conference yesterday that a casino development is being “dreamed of” to rise in Cebu.

Sio said SMIC has 30 hectares of available land in South Road Properties (SRP) which the company can use should it pursue the casino project.

The reclaimed SRP will also be the site of the upcoming  SM Seaside City Cebu mall this year.

The SRP is located on the east coast of Cebu City and will soon be home to various mixed-use developments.

Sio said SMIC does not intend to take in any partner if the casino project materializes.

He noted, however, that SMIC would have to consider market and investor sentiments for the casino project.

“The international market, our economic policy here,” Sio said referring to the factors being considered before SMIC ventures on its own casino.

SMIC, through subsidiary Premier Leisure Corp., has a share in the gaming revenues and is a co-licensee in City of Dreams Manila, the integrated resort and casino project within the Pagcors’ Entertainment City.