Japan firm to invest $2B in Pagcor project
A Japanese gaming giant on Thursday broke ground on a multibillion-dollar casino resort development that will rise on the Bagong Nayong Pilipino Entertainment Complex being built along Manila Bay.
In ceremonies held at the site, Tiger Resorts, Leisure and Entertainment Inc. disclosed that the entire project—dubbed Manila Bay Resorts—would involve an investment of approximately $2 billion and would contribute significantly to the 400,000 jobs being targeted by the state-owned Philippine Amusement and Gaming Corp. (Pagcor) for the undertaking.
Tiger Entertainment officials said that the development would have two luxury casino hotels with 450 and 650 rooms each.
“The Philippines, with its scenic environment and world-famous Filipino hospitality, is an excellent location for the next huge entertainment tourism hub in the region,” said Kazuo Okada, who chairs Universal Entertainment Corp., the parent firm of Tiger Entertainment.
“Considering its proximity to China, South Korea, Japan, Singapore and Hong Kong, Manila has a competitive advantage over other major Asian cities,” he added.
Tiger Entertainment is one of the four major investors in the Pagcor project, with the others being Bloombury Investments of ports tycoon Enrique Razon, Belle Corp. in partnership with the SM group, and the Resorts World group of Andrew Tan-controlled Alliance Global Inc.
The development will rise on a 45-hectare site in the reclamation area. Its two hotels are envisioned to feature high-end local and international restaurant chains that cater to travelers and international food enthusiasts. A 1,000-room budget hotel will also be put up within the resorts, targeted at budget-conscious tourists.
Intended to be a family-oriented venue, it will also feature an indoor man-made beach enclosed in a glass dome that will allow the use of natural lighting to replicate the authentic beach experience. It will also feature Las Vegas-style water fountain shows.
In addition to the anchor casino operation—which will be open 24/7 with 500 gaming tables and 3,000 slot machines—the site will also have space for approximately 150 high-end stores and outlet malls to cater to shoppers.
Company officials explained that the development, along with the entire Entertainment City concept, would be a major element in the government’s drive to attract a million tourists to the site, which is slated for completion by 2014.
“Tiger Entertainment is committed to providing entertainment that will thrill everyone—Filipinos and the rest of Asia and the world,” Okada said. “The Manila Bay Resorts will redefine the Philippine entertainment and gaming landscape, delighting and charming visitors from all over the world.”
He added that the company was also considering putting up an elevated roadway that will directly link the nearby Ninoy Aquino International Airport to the project site on the Manila Bay reclamation area, on the far end of Diosdado Macapagal Boulevard.
Tiger Entertainment is one of the trade names of Japan’s Aruze Corp., which was earlier identified as one of the investors in the multibillion-dollar project.
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