PAGCOR’s Las Vegas project assured of commitment from investors
Posted on April 11th, 2009
The Philippine Amusement and Gaming Corporation (PAGCOR) is undertaking a massive project which could the next biggest tourism development in Asia. Its investors reiterated, and assured, their commitment to this project which is the Bagong Nayong Pilipino – Entertainment City Manila, and promised to do their part to ensure the success of the project.
Representatives of the investors were present, and were among the panel of speakers at the Global Leaders Forum Held during the Gaming, Tourism and Investments Congress of the Asia’s Gaming and Entertainment + Leisure Expo (Asia’s GEM) 2009.
Attendees to this event were key players in the tourism gaming and entertainment industry. Among those who participated in the forum include PAGCOR President and COO Rafael Francisco, Alliance Global Group, Inc. President Kingson Sian, Austrian Gaming Industries Director David Orrick, ARUZE Corporation of America president Mikio Tanji, Dreamgate Corp. Bhd group executive director Mazlan Ismail and SM Hotel Corporation president Merrill F. Yu.
Orrick cited the Entertainment City project for its potential in providing wider entertainment options the region, and the same time supplying jobs and tourism enhancement opportunities. “This project will capture the imagination of not only the Filipino people but visitors from the outside. It supports the enterprise of gaming and tourism,†he said.
The first phase of the project, according to Francisco, is expected to be completed in the year 2010, with major investors already on line to begin construction of their project concepts.
The project will be located on a 120 hectare property along Manila Bay. The minimum cost of the project, which is considered to be as the Philippines’ Las Vegas, will reach $1 billion, consisting of both equity and debt.
Efraim C. Genuino, chair and chief executive officer of PAGCOR said that that only three percent of the entire development is in gaming, “there will be lots of tourist attractions including sports arenas and a museum. All of prospective investors are global operators,†he added.
