Korea’s Widus spending $1 billion for Clark resort

CLARK FREEPORT, Pampanga, Philippines — Korean-owned Widus International Leisure Inc. will spend about $1 billion over the next eight years to build an integrated casino-resort here, with plans for conducting an initial public offering (IPO) in the local bourse over the near term to support the investment, its top official said.

Widus president and CEO Daesik Han said there are plans to expand the existing Widus Hotel and Casino into an integrated resort in the next seven to eight years by bringing in more high-end hotel brands and putting up recreational facilities like waterparks and a big convention facility.

Widus has signed an agreement with Renaissance Hotels International Corp. Ltd. for the development of a Marriott hotel in Clark. The hotel is expected to be completed by September, according to Han.

Han said Widus has made a cumulative investment of around $200 million so far for the Marriott hotel and other related projects.

“I started another expansion program this April which is going to be completed by the third quarter of 2020, which will cost $300 million. This will be done in two and a half years from now,” he said.

 “I also expect to sign a contract for another property right next to what I have right now within the month. I plan to invest another $500 million for that property,” Han added.

The expansion will expand Widus’ property here to 12 hectares, which Han intends to develop into an integrated casino-resort.

Aside from the Marriott hotel brand, Han is also looking to bring other high-end hotel brands into Clark to be part of his integrated resort project.

While Widus has enough cashflow to fund its investments in the coming years, Han said he is mulling an IPO in the next three to five years to beef up the firm’s warchest.

“Instead of spreading over my company, what I want to do is I select the best location and focus on this. So this is why I am focusing on Clark at the moment,” he said.