Belle Corp, one of the Philippines leading property and leisure companies, is seeking to acquire land to develop a second casino project in Manila.

The company confirmed it had approached the state-run Philippine Amusement and Gaming Corp about the possible lease of land within the PAGCOR City casino-entertainment complex already under development.

In response to media reports quoting PAGCOR CEO Cristino Naguiat, in which he revealed Belle's approach, the latter issued a statement clarifying the issue on Wednesday.

"We confirm that Belle management has requested PAGCOR for a lease proposal on at least 10 hectares of land within PAGCOR City, insofar as the transaction will also allow Belle to build a second casino after its Belle Grande Manila Bay project," it said. "It must be emphasised, however, that Belle and PAGCOR have yet to reach any agreement on any lease or land acquisition."

Any such transaction would be subject to approval by the company's board of directors, it added.

Belle is among four company's granted licences to develop casino properties within the PAGCOR City development, with each committing to investing at least $1bn in the project.