Philippine firm Calata Corp. is optimistic it will secure a gaming license from state regulator Philippine Amusement and Gaming Corporation (PAGCOR) to build the $1.4 billion Mactan Leisure City casino plan.

Calata announced last week that it had forged an alliance with U.S.-based Sino American Gaming and Macau Resources f or a 14-hectare casino resort on Mactan Island in Cebu, which will feature three hotels, a casino and entertainment complex, commercial, retail and conference facilities as well as a yacht club.

In a disclosure to the Philippine Stock Exchange, Calata said the three parties are planning to form a corporation by September.

“Thereafter, the parties will pursue the corporation’s transformation into a REIT (real estate and investment trust) and execute such plan at the soonest practicable time,” the listed company said.