Higher investment floor for new gaming investors eyed
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.
MANILA, Philippines–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.
“If you ask me, it should be more than $1 billion, or at least $1.5 billion,” Naguiat said.
Naguiat pointed out that the Entertainment City development is already a lucrative up-and-coming gaming hub, giving less risk to any new players.
In terms of marketing and promotions, the existing locator Solaire Resort and Casino as well as upcoming City of Dreams Manila—which Naguiat said is set to open on Dec. 2—have already built up the reputation of the entire Entertainment City, he added.
Besides Enrique Razon Jr.’s Bloomberry Resorts Corp.-operated Solaire and the $1.2-billion City of Dreams Manila to be operated by Macau’s Melco Crown Entertainment Ltd. alongside listed Premium Leisure Corp., two other integrated casinos are planned for opening in the next few years. These are Japanese billionaire Kazuo Okada-led Manila Bay Resorts, which is expected to open late next year, and Bayshore City Resorts World, a joint venture between Filipino billionaire Andrew Tan and Malaysia’s Genting Group announced to be opened in 2018.
Naguiat also confirmed that US gaming giant Caesars Palace is interested to invest in Entertainment City.
“During our recent meeting in the US, Caesars Palace said they have ‘overlooked the Philippines,’” Naguiat said, describing the international gaming group’s current interest in the country.
Pagcor is banking on Entertainment City to be the top contributor in the government’s goal to hit $7 billion worth of gaming revenues by 2019, or more than triple last year’s $2.2 billion.
