Pursuant to the approval of its Board of Directors on May 9, 2012, EG, through wholly owned subsidiary, ROI, acquired the property for a purchase price of PhP70 million, through a combination of cash and shares.
Similar to Singapore tourism income, which saw a steep 74% increase from US$ 10.2 billion to US$ 17.1 billion from 2009 to 2011, the Philippines expects a boost to its tourism income due to gaming and gaming related projects. Gaming companies such as Bloomberry Resorts Corporation, which is establishing a gaming resort at the Pagcor Entertainment City, will be key drivers in achieving President Aquino's vision of bringing in 10 million visitors by 2016. The government expects the number of tourists to hit 4.6 million this year, up 18% form 3.9 million in 2011.
EG is looking to capitalize on this influx of gaming tourists through its investments in the CEZA area. EG believes that there will be a "spill over" effect of tourists to other key tourists locations in the Philippines such as the Cagayan Ecozone. Through the above investments, EG has established itself as one of the major investors in the CEZA area.
The IP Ventures Group also has existing investments in the Cagayan Ecozone, through its joint venture with First Cagayan Leisure and Resort Corporation - First Cagayan Converge Data Center, Inc. - which owns and operate data center and telco infrastructure in the Cagayan Ecozone; and its co-ownership over the air and underground fibre optic cable infrastructure that connects the Cagayan Ecozone to the national telecommunications backbone and serves as a mission critical communications link for the Cagayan Ecozone.
- https://www.affordablecebu.com/
