Udenna to Spend US$5 Billion on Clark Development

The Udenna Group plans to invest ups to US$5 billion over the next ten years on Clark Global City, which will include a casino and entertainment complex, local media reported Chairman and CEO Dennis Uy as saying.

The group expects the newly acquired area, which is situated in the Clark Freeport Zone, formerly the site of a US airbase, to become the new central business district for Central Luzon.

“Clark Global City will offer a global business destination and spur economic transformation outside of Metro Manila, complementing the government’s efforts to spread growth across the country,” Uy was cited as saying.

It will host top-grade office buildings, up-market retail outlets, contemporary academic centers, sports centers, an urban park, an iconic tower, a hotel and casino, and modern support services and amenities. The space will include a ten-hectare entertainment complex, including a one-hectare space for a casino to be developed by another unit of Udenna.

Executives plan a road show in Hong Kong, Beijing, and Tokyo to convince foreign investors to invest in the project.

The Clark area is already home to several casinos, including the including the PAGCOR-run casino in Mimosa formerly operated by former Tourism Secretary Jose Antonio Gonzalez, and the Widus operated by a Korean businessman. (AGB)