Money remains elusive for the proposed integrated resort in Mactan island, Cebu as Philippine-listed Calata Corp. announced that it has yet to raise funds for the casino project south of Manila.

Calata, which seeks to diversify its business from agricultural products to real estate, told the Philippine Stock Exchange in Thursday’s filing that the potential investor in the casino project has yet to raise sufficient funds to complete its financial commitment.

US-based management consultancy RickWise Global Capital Group has earlier been tapped by Calata to undertake business activities such as introductions to investor sources, service partners, and generally provide strategic and risk management advice.

The Philippine-listed company said RickWise informed the company that it is still needs more time to raise funds for the project. It would be recalled that the management consultancy company was in talks with Sino-America Gaming Investment Group LLC and Macau but it broke down earlier this year due to the perceived political uncertainty.