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Wednesday, May 19, 2004
Attractive packages offered to lure new Ekran investors
By Raquel C. Bagnol
The Department of Tourism (DoT) has doubled its efforts to entice investors to pour capital into the 250-hectare Ekran Berhad hotel (more popularly known as Samal Casino Resort) in Kaputian, Samal to get it into operation again by offering attractive packages to prospective investors.
DoT Regional Director Sonia Garcia said DoT had kept in touch with the local government unit (LGU) in Samal to discuss other options in order to utilize the island's dollar-earning potential.
Garcia said in a previous meeting, the Malaysian owners of the hotel showed they are willing to grant a two-year moratorium on rental charges for the interested lessors of Ekran Berhad.
"Leasing the hotel free of rent for one or two years would be a sure come-on for potential investors, just to get it operational again," Garcia said in an interview yesterday.
She said although the hotel facilities are still in tip-top shape, prospective investors hesitate to pour money because the hotel needs about P200 million to get it operating again.
"What's good is that the Malaysian group said they are willing to negotiate with prospective investors and they are open to discuss other options," Garcia added.
Malaysia's Ekran Berhad resort was built and opened in March 1998, but declared bankruptcy in June 2000.
The idle hotel has a huge administration building, spanning three floors, a huge ballroom half the size of a football field, and about 400 rooms.
Attempts to re-open it in the past had been unsuccessful due to the economic crunch, the shaky peace and order situation due to pre-election jitters.
But with elections over, Garcia expressed optimism investors will pour capital to get the hotel back to operation.
The Malaysian investors lured by the Brunei, Indonesia, Malaysia, the Philippines-East Asean Growth Area (BIMP-Eaga) have reportedly poured about P1 billion in what was envisioned to be the Philippine version of Macau.
(May 19, 2004 issue)
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