TUGUEGARAO CITY, Philippines – Chinese firm Shanghai Jucheng Supply Management Group is set to invest P5-billion (US$100 million) casino and resort project in Cagayan province.
In a press release, the Cagayan Economic Zone Authority (CEZA) said it has entered into agreement with the Chinese firm during a signing of memorandum in Shanghai, China last week.
Present during the signing was CEZA administrator Raul Lambino and Jucheng Group founding chairman Xue Chenbiao.
“This is one of the few unspoiled spots in the country that will cater to the sun worshipper, the nature lover and the adventurer,” Lambino said.
The firm, according to CEZA, is planning to build a Jeju-inspired integrated seaside resort and casino in the north easternmost tip of mainland Luzon. Jeju is an island province in South Korea, home to attractions like theme parks and natural parks.
The project in Cagayan will likewise include theme and water parks, CEZA confirmed.
“Over the next few years, the Chinese group will pour in investments estimated at $100 million to develop this rarely explored corner off the Northern Pacific Ocean that is part of the sprawling [Ceza] territory,” CEZA added. Northernforum.net