The Philippines remains on track to open the remaining three major casino projects in the Entertainment City Manila complex in three to four years, Philippine Amusement and Gaming Corp. said in a statement.
“We intend to open one integrated resort per year until 2016 or 2017,” Pagcor chair and CEO Cristino Naguiat Jr. was quoted in the statement as saying during the G2E 2013 convention in Macau, touted as Asia’s most anticipated gaming event.
Solaire Resort and Casino, which opened in March, raised the curtain on the 120-hectare Entertainment City in the Manila Bay reclamation area. The casino is owned by billionaire Enrique Razon Jr.
Three other casino complexes—owned by tycoons Henry Sy and Andrew Tan, and Japanese billionaire Kazuo Okada—are set to open in the next four years.
“The next one is scheduled to open in the middle of next year and the remaining two ideally before 2016,” he said. “There are a few hiccups from time to time but, overall, we think the schedules would be met.”
The Philippines drew a lot of interest during the G2E 2013 convention, Pagcor noted in the statement. The three-day event from May 21 to May 23 drew thousands of attendees including industry analysts, investors, bankers and senior casino managers, Pagcor said.
“Many are saying that the Philippines is now a serious contender for the premium Asia-Pacific gaming market primarily through our Entertainment City project. We look forward to welcoming more foreign visitors to our country in the coming months as developments in Entertainment City continue to unfold,” Naguiat said.
“Through our participation in the G2E, we were able to inform the movers and shakers of the international gaming industry what we are doing here to make the Philippines figure well as one of the best options for travel, leisure and gaming in Asia,” he added.
Pagcor is forecasting the country’s gaming sector to reach $10 billion in revenue by 2017, mainly as Entertainment City draws VIP players away from regional gaming hubs like Singapore and Macau.