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The Recent Casino Development in the Philippines

On October 13th, 2008, a sign on a dirt track points the route to the Bagong Nayong Pilipino Entertainment City, an empty Manila landfill right now that is being developed into a player's haven of slot machines, roulette wheels and casino table games. Building is set to begin early next year on a Las Vegas strip style on one hundred fifty hectares of reclaimed land overlooking the Manila Bay. Bulldozers are already preparing the land in the area.

The Philippines is among several countries in Asia including Singapore using casinos to improve the influx of tourists in their own countries. With well-known foreign and local investors lining up-government managed Bagong Nayong-the Filipino word for New City-is finally moving after several years of planning. The Philippine Amusement and Gaming Corporation (PAGCOR), the gaming regulator of the government is managing the project.

Its headquarters on the 5th floor of the Hyatt Hotel and Casino Manila in the Malate, Manila tourist belt have a hush look compared with the normal government offices in the country. But then Pagcor, which manages thirteen casinos around the Philippines, is the 2nd largest contributor to treasury after tax payers. Its profit last year totaled up to 25 billion pesos or $783 million. Filipinos are passionate casino enthusiasts though a third of the country is living in poverty.

Rafael Butch Francisco, Pagcor's President, a business consultant by profession said that the government will recognize the Bagong Nayong an economic tourism zone by the end of 2008. This will enable three private organizations that have so far receive casino licenses to get important tax breaks and other incentives for their investment in the casino project. Each investor has paid a non-refundable $100 million showing that serious cash to develop the location is on the table.

Genting International from Malaysia has partnered with local property tycoon Andrew Tan to develop a casino. Tan was ranked the 4th richest Filipino with a worth of $1.1 billion. The joint collaboration is taking 40 hectares and their $1 billion concept features a Warner Brothers theme park. The Aruze Corporation from Japan, which manufactures gambling machines, plans to construct a 2,000 room hotel casino facility called the Okada Resort Manila Bay on a thirty hectare site that will feature an oceanarium and a bird's eye view Ferris wheel. Philippine retailing giant SM Investment has a thirty hectare site close to their SM Mall of Asia, the world's third biggest shopping center.

 

Tuesday, November 11 , 2008
Edward O'Connor