MONDRAGON-HYATT LINK TO EXPAND CLARK CASINO
Clark Field, April 13, 1998 - Mondragon Leisure and Resorts Corporation is entering into a joint venture with the Hyatt group to expand its present casino at the Clark Special Economic Zone. The tie-up aims to establish another casino within a new 250-room hotel.
Mondragon has been exploring joint venture possibilities with a number of companies that were willing to get an equity stake of as much as 40 percent in the company.
Mondragon president Antonio Gonzalez said talks were proceeding well although there were some differences in the valuation of the shares. He said Mondragon incorporates in its valuation the very good potential for hue profits with increased gaming operations.
The Mondragon casino at Clark remains open for business despite a legal battle with the Philippine Gaming Corporation (Pagcor).
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