The developers of the Mactan Island casino and retail project in Cebu expect first stores to open in 2019.

Businessman Dennis Uy has sold down his stake in Phoenix Petroleum Philippines to help finance the resort project, his first foray into the casino industry.

Named Lapu-Lapu Leisure Mactan, the beachfront casino project is located near Cebu’s international airport and will cost US$300 million to complete.

Uy also owns Chelsea Logistics, which he plans to float mid-year.

“Portions” of the casino, shops and hotel will open by 2019, Uy said after his company won a licence for the 12ha project.

“Our investments in Udevco are anchored on our shared vision for the Philippines to become a premier destination for business and tourism,” Uy said in a statement. “We hope to support the country’s manufacturing and tourism sectors, among others, through our property developments. We believe these will ultimately translate to employment and better living for the Filipino people.”