The $1.4B Mactan Leisure City casino plan in Cebu, Philippines is now a step closer to reality after US-based Sino-American Gaming Investment Group and casino junket operator Macau Resources Groupfound a Philippine-based partner.

In a disclosure to the Philippine Stock Exchange on Tuesday, Philippine-listed agri-business firm Calata Corp. announced that has forged an alliance with Sino American Gaming and Macau Resources to create a real estate and investment trust (REIT) for a P65-billion ($1.4 billion), 14-hectare Mactan Leisure City casino resort on Mactan Island, Cebu.

REIT is a stock corporation created primarily for the purpose of owning income-generating real estate assets.

Calata said in the regulatory filing that Sino American Gaming and Macau Resources will initially inject P836.10 million (US$17.98 million) into the project, which includes three luxury hotels, an entertainment complex featuring a full-scale casino, and retail shopping.