Gets 25-year extension and working on expansion of the 5-year-old casino in Poro Point
Thunderbird Resorts has moved closer to completing an expansion of its casino in Poro Point in the Philippines by securing a 25-year extension of its lease on the site.
The 5-year-old casino contains 292 slot positions, 172 table game positions a 36-room hotel and a nine-hole golf course.
The extension, obtained from the Bases Conversion Development Corporation and the Poro Point Management Corporation, will boost Thunderbird’s efforts to secure about US$5 million in financing to add 1,000 square meters to the casino and provide space for 75 additional slots and 42 table games, the company said. Thunderbird has raised another $2.4 million through a private debt offering in the Philippines.
The site covers 130 acres near the South China Sea in the province of La Union, about one hour by air from Manila. Thunderbird said it ultimately would like to develop it into a residential enclave offering a mix of single, detached homes, townhouses and medium-rise condominiums.
Thunderbird's lease extended in Philippines
April 21, 2010