Malacañang surely knows how to hold all the aces, practically suggesting it deserves “a lot of credit” for the booming gaming industry in the country while taking away the credit from the previous administration and then Philippine Amusement and Gaming Corp. Chairman Efraim Genuino, that awarded the exclusive licenses as part of the country’s ambitious plan to cash in on Asia’s gambling and tourism growth.
This, after Belle Corp. announced that it is bent on a partnership with a Macau-based casino firm to develop a $1-billion resort complex in Parañaque City.
At a press briefing, presidential spokesman Edwin Lacierda described the project as far more different from that of the offshore entertainment city that was introduced during the time of Genuino.
Lacierda claimed that the $1-billion complex seen to commence construction in Parañaque City early next year is not just casinos at its Entertainment City, but a “full service” complex offering leisure and entertainment attractions for the whole family.
He added the Aquino administration is not promoting gambling but would want to promote tourism and investments even as the Palace official claimed that the Belle Corp.’s project is not limited to casinos.
Lacierda said there are already existing government regulations on gambling, such as zoning limitations on where a casino can be built and age requirements for casino-goers.
“It’s not promoting gambling per se. We are, however, regulating gambling. For that reason, we have the Pagcor to do the regulation. The idea is to do a full service (complex)… There will be casinos. But the idea is to make it more than a casino, more than focused
on casinos, as you have seen in recent developments in Las Vegas,” he stressed.
Australian billionaire James Packer and Macau gambling tycoon Lawrence Ho are teaming up with the Philippines’ richest family to develop a $1 billion casino in Manila, the local partner yesterday said.
The Belle casino will form part of a huge gambling development which the government hopes will turn the city into the world’s No. 2 gaming destination ahead of Singapore and Las Vegas, and behind only Macau.
SM Investments Corp, which is controlled by the Henry Sy family, told the Philippine Stock Exchange its affiliate Belle Corp. signed an agreement with Melco Crown Entertainment to form a consortium to develop the project.
“Subject to (regulatory) requirements, Belle and MCE plan to create a $1-billion premiere integrated resort facility and enter into implementing and definitive agreements within the next two months,” the disclosure said.
Melco Crown, which operates a Macau casino, confirmed the signing of a consortium agreement Thursday in a disclosure to the Hong Kong Stock Exchange.
It said its unit MPEL Projects expects to invest up to $580 million over the course of the project, or more than half its entire cost.
Melco Crown is a joint venture between Melco International Development Ltd. of Ho, son of Macau gaming mogul Stanley Ho, and Packer’s Crown Ltd. of Australia.
Belle holds one of four licenses handed out by the Philippine government to build a casino worth at least $1 billion each at a site on Manila Bay called Entertainment City.
Gaming regulator Philippine Amusement and Gaming Corp. (Pagcor) has also granted licenses to Malaysia’s Genting Group, Bloomberry Resorts Corp., and another casino backed by Japanese gaming equipment supplier Kazuo Okada.
With the completion of the $4 billion Entertainment City project by 2016, Philippine gaming revenues are expected to draw level with current number two Singapore’s revenues of about $7 billion, Pagcor chief Cristino Naguiat told Agence France Presse in a recent interview.
Asia is poised to eclipse the United States as the world’s biggest gaming market in 2013, powered by the region’s growing economic prosperity and fondness for gambling, Pricewaterhouse Coopers said in a report in December.
Revenue in Asia is forecast to more than double from $34.3 billion in 2010 to $79.3 billion in 2015, it said.
Fernan J. Angeles and AFP