Premium Leisure Corporation, an investor in the Philippine capital City of Dreams Manila casino resort, reportedly plans to invest at least $300 million in a separate casino resort in Clark Freeport Zone in the Philippines state of Pampanga.

Premium Leisure has already applied for a license to build and operate a casino property in Clark, according to a Reuters report, citing two sources.

"In addition to casinos, there will be convention centers and hotels," a source told the media.

Premium Leisure, which was delisted from the Philippine Stock Exchange's main board of directors on July 9, is now a privately owned subsidiary of Bell Corporation, which is listed in the Philippines. The latter is a subsidiary of SM Investment Corporation, the most valuable company in the Philippines.

SM Investments has multiple interests across shopping malls, banks, residential and office towers, retail, mining, and logistics.

Premium Leisure gets a stake through one of its units, which comes from gaming revenue from City of Dreams Manila, a casino resort run by a division of Melco Resorts & Entertainment Ltd.

Clark is "emerging as a promising growth market for gaming and leisure," with a potential "next major integrated resort hub," Reuters quoted Juan Paolo Kole, managing director of investment bank China Bank Capital in Manila.

Premium Leisure's planned investment in Clark could boost the intended initial public offering (IPO) of a casino resort in Clark and the major company behind the Hanni Reserve scheme, according to Mr. Colette.

One group is reportedly planning an initial public offering (IPO) worth between $15 billion and $20 billion, aiming to go public on the Philippine stock market early next year.