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Entertainment City to Launch the Philippines as a Gaming Destination

Posted on August 14th, 2010

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With the success of neighboring areas like Macau, Singapore and Hong Kong in toursim, the Philippines has also followed suit, with entertainment resorts already opened and with additional casinos and tourist attractions planned to be built in the country’s tourist spots, which are scattered in the archipelago. Cristino Naguiat, chairman of the Philippine Amusement and Gaming Corporation (PAGCOR), said that a number of facilities have already opened in Manila’s “Entertainment City,” which is said to rival those in Singapore and Macau. The plan of turning Manila into a one-stop entertainment and gaming hub is centered in this master plan, which Naguiat hopes to accomplish by 2014. Naguiat, who only assumed his post a month ago with the installation of the country’s new president, declares in an interview with the AFP that there are big prospects for growth and revenues with casino business in the Philippines. He admits that the country has still a lot of ground to cover in order to catch up with Singapore and Macau in the area of casinos, but plans of reaching the lead position are on the way.

Naguiat claims that the market for mainland Chinese gamblers is huge and promising, and the Philippines wants to have a share in that. As of the moment, Naguiat states “We are maybe not even getting 0.01 percent of what is the potential market there.” The Philippine government’s plan is to put up a network of casinos and entertainment resorts to be situated outside Manila. Locations being tapped are Palawan in the country’s west and Cebu, the country’s biggest city next to the capital Manila. Naguiat also divulged that PAGCOR is also open to have foreign companies invest in their plans and see how they can contribute to the industry’s growth. Interested foreign players should take note, however, that PAGCOR is more interested in proposals that incorporate more entertainment faciltites, such as museums and amusement centers, rather than proposals for just resort-hotel casinos.

The previous administration, through its PAGCOR chairman Ephraim Genuino had already awarded four licenses to companies who want to take part in building the Entertainment City, which now stands on reclaimed land in Manila Bay. The two companies that were awarded contracts to construct casinos in the facility include Azure Corporation, a gambling company based in Japan, a joint venture between a local company and Malaysian firm Genting Group. Meanwhile, the other two companies tasked to build other facilities are both local – Belle Corp and Bloombury. Since the awarding of the contracts, development of the resort had been slower than expected, as the companies had hesitations on proceeding when the previous administration was already in its final stretch. Naguiat acknowledged that the companies did not continue with their plans on full speed as they were sue that the new administration would review their contracts, which would cause further delay anyway.

Naguiat said that the new Aquino administration indeed asked for the contracts to be reviewed, but he now assures the licensees that previous plans should be realized the soonest, as long as those plans included not just casinos. He did add though that his agency realizes that casinos are the main revenue generators of the projects, but is adamant that the finished product: should contain more than just casinos. He projects for a presentation of the Entertainment City review, as well as a report on the current situation of the gaming industry, to President Benigno Aquino III by the last week of August. After that, the new government would hand the four licensees its requirements by September. Naguiat divulges that at least $1 billion is required to be spent by each licensee in the development of their own projects in the resort.
Naguiat however declared that a number of projects that were brought up during the Aquino administration will most likely be discontinued. These projects include a race track, a nursing home, a sports stadium and a plan to build the tallest observation towers in Asia. Naguiat also said that a plan by PACOR to link the Entertainment City with the airport through rail has been shelved, and they are now looking into the possibility of letting the developers build the rail link, or else it would not be continued at all.

Lastly, Naguiat confirmed reports that PACGOR, which also operates other facilities throughout the country, would be privatized. The exact date of this has not yet been confirmed, although Naguiat said that it will certainly happen before the President’s term ends in six years. Despite the privatization, PAGCOR would still retain its regulatory powers on the entire gambling industry, Naguiat adds.