Philippines SM Investments plans casino-resort north of Manila, sources say
MANILA, July 17 (Reuters) -The Philippines' most valuable firm, SM Investments Corp SM.PS, is planning to invest at least $300 million in an integrated casino and resort north of Manila, two sources with knowledge of the matter said on Wednesday.
Premium Leisure Corp, a subsidiary of SM's Belle Corp BEL.PS unit, has applied for a licence to build and operate a casino and resort in Clark, a former U.S. military air base turned into a leisure and business hub, in Pampanga province, the sources said.
"Aside from the casino, there will be a convention centre and a hotel," one of the sources told Reuters.
Premium Leisure, which delisted from the stock exchange earlier this month, is the landlord of the $1 billion-plus City of Dreams casino-resort, which is operated by Nasdaq-listed Melco Resorts & Entertainment Ltd MLCO.O, in Manila.
Officials of SM, Belle, and Premium Leisure did not immediately respond to a request for comment.
SM, with a market value of $18.81 billion, has interests that range across shopping malls, banking, residential and office towers, retail, mining, and logistics.
Reporting by Neil Jerome Morales; Editing by John Mair
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