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Pagcor releases P2B for classroom project

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PAGCOR, DepEd and DPWH inked a memorandum of agreement marking the 4th phase of the “Matuwid na Daan sa Silid-Aralan” school building program. The state-gaming firm provided an additional P2 billion for the project to fund the construction of more or less 1,500 classrooms in public schools nationwide. 

In photo (front row) are DepEd Secretary Bro. Armin Luistro (2nd from left), PAGCOR Chairman and CEO Cristino L. Naguiat, Jr., (middle), DPWH Secretary Rogelio Singson and other officials of the three agencies.

The Philippine Amusement and Gaming Corporation’s (Pagcor) has released an additional P2 billion for its “Matuwid na Daan Silid-Aralan” project, bringing its total contribution to the government’s school building program to a staggering P7 billion.

Posted: October 27th, 2014 in Latest Business Stories | Read More »

PH seen as next VIP gaming destination in Asia

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The Philippines is shaping up as the next VIP gaming destination in Asia as new integrated resorts rise at the Pagcor Entertainment City, which would allow the country to double annual gross gaming revenues to at least $3.5 billion by 2016 from last year’s level.

Posted: October 27th, 2014 in Headlines | Read More »

Pagcor may forfeit Okada bond worth P100M

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Kazuo-Okada

Philippine Amusement and Gaming Corp. (Pagcor) may opt to forfeit the P100-million guarantee earlier set aside by Japanese gaming magnate Kazuo Okada if his group fails to finish the construction of its casino at the Entertainment City on the deadline stipulated in its contract.

Posted: October 23rd, 2014 in Latest Business Stories | Read More »

Higher investment floor for new gaming investors eyed

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The City of Dreams at its earlier stage of construction. State-run Philippine Amusement and Gaming Corp. plans to come out before yearend with a rule putting in place a higher investment requirement for new investors at its sprawling Entertainment City gaming complex along Manila Bay.

Pagcor chair and chief executive Cristino L. Naguiat Jr. told reporters on Wednesday that present terms of reference are being amended so that the minimum capital investment of new entrants would exceed the only $1-billion requirement under existing rules.

Posted: October 23rd, 2014 in Editor's Pick,Headlines,Latest Business Stories | Read More »

Pagcor eyes penalty for Japanese casino developer

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The county’s casino gambling regulator is likely to penalize the local unit of Japan’s Universal Entertainment Corp., led by billionaire Kazuo Okada, if it fails to open its $2-billion project in the Entertainment City complex by Manila Bay by March next year.

Posted: October 8th, 2014 in Latest Business Stories | Read More »

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