Biz Buzz: Up for grabs—Fort Ilocandia
Will Ilocos Norte pass up the chance to attract more investors, particularly in the tourism space, especially now that its most prominent family is back in the saddle of Malacanang?
Definitely not! Ilocos Norte is trying to woo more investors to set up shop.
The iconic 290-room Fort Ilocandia Resort Hotel is on the auction block for a price tag of $75 million. The entry of a white knight is proposed to be structured as either outright company purchase or asset sale, based on a teaser sent to prospective investors seen by Biz Buzz.
We hear that foreign investors are also targeted, but the final structure will have to work around the Constitutional ban against foreign ownership of land.
The package includes rights to 20 hectares of land, existing hotel buildings, main building with casino as well as the administration and powerhouse buildings. Fort Ilocandia also has a driving range, recreational center, private beach and a swimming pool. Another sweetener is it has a tourism ecozone registration.
We hear that no less than Ilocos Norte Governor Matthew Marcos Manotoc is helping to invite investors to “revive the casino, golf course and international flights [to Laoag].”
Despite having been proclaimed as a patrimonial property of the state, Macau gaming magnate Jack Lam had gained control of Fort Ilocandia years ago. However, he fled eight years ago after being accused of $1-million bribery (intervening to release from detention more than a thousand Chinese nationals allegedly working illegally at his resort in Clark). He was likewise accused of using dummies to acquire Fort Ilocandia. The Philippine Amusement & Gaming Corp. has since then stripped Lam of his gaming license.
The prospective white knight might not only have to spruce up the casino-hotel but, as many guests will agree, also hire an exorcist to get rid of the spooky vibe in certain areas.
Meanwhile, Megaworld Corp. has announced a P15-billion deal to develop a sprawling property right beside Fort Ilocandia. Megaworld, which pioneered cyberpark development in the country and helped transform Eastwood City, Bacolod and Iloilo into vibrant business process outsourcing hubs, could be the spark that is needed to catalyze the “solid north.”
