The fate of the Casablanca Casino in the Clark Freeport Zone in the Philippines remains in limbo because its new owner, casino investor Frontier Capital Group, has yet to cough up the remaining escrow requirements of the Philippine Amusement and Gaming Corporation (PAGCOR).

Australia-listed Frontier Capital Group acquired the Stotsenberg Hotel and Casablanca Casino in 2015 for a total consideration of US$26 million. However, the state regulator shut down the casino operations at the Clark property in the first quarter of 2017 because Frontier Capital still needed to settle an escrow account amounting to PHP225 million (A$4.5 million), the casino investor said in a filing.

Frontier Capital originally covered the escrow amount with a bank guarantee, but it has lapsed. Now, the company said it plans to secure the escrow “with a cash deposit.”

“The company continues to seek the necessary funds,” Frontier Capital said in its filing.