British-American group plans $2-B investment in Clark

Philippine Daily Inquirer
July 24, 2000

Navegante Group, a British-American consortium, has informed Malacanang of its plan to invest $2 billion on a 500-hectare township and economic zone project at the former Clark Air Base in Pampanga.

A source from the Economic Coordinating Council said the group would only push through with its investment if important infrastructure such as the Clark International Airport would be allowed to operate commercially.

The group's president, Larry Woolf, has made a number of representations to Malacanang, the government source said. The potential investment could be one of the issues to be discussed in the forthcoming trip of President Estrada to the United States this week.

Navegante operates several hotels and casinos in Las Vegas, Florida, and in parts of Europe.

Navegante plans to put up hotels, a "Disneyland-type" theme park, gaming and casino centers, shopping malls, a power plant and hospitals. "The development should happen in several phases and the total project cost was estimated at $2 billion," the ECC source said.