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JUST
fresh from approving four proposals for the envisioned
$10-billion Bagong Nayong Pilipino-Manila Bay Integrated
City, the Philippine Amusement and Gaming Corp. (Pagcor)
announced that it is now shopping around for another
site that will house the second phase of the project.
Efraim
Genuino, Pagcor chairman and CEO, said Phase 2 of the
project will be located outside Metro Manila, with
Cebu as one of the prime candidates.
“We are
already discussing the second phase and we have
identified possible areas,” Genuino said.
He said
as much as Pagcor wants to entertain more proposals from
prospective investors for the Manila Bay Integrated
City, the 90-hectare reclaimed area dedicated for this
gaming-cum-entertainment resort will already be used up
by the initial four project proponents.
“We are
studying the market if there is a need to accept more
proposals. But the problem is, there is no more space
available there, so we are now discussing the second
phase,” Genuino told reporters at the sidelines of the
ongoing 2008 Asia’s Gaming and Entertainment plus
Leisure Expo (Asia’s Gem) at the Hyatt Hotel and Casino
Manila.
Pagcor
announced it has accepted the project proposals of
Japan’s Aruze Corp., Genting Berhad of Malaysia, SM
Investments Corp. and Australia’s Bloombery Investments
Ltd. with average investments of $2 billion to $3
billion each.
Azure
Corp., a major stockholder of Wynn Resorts and a
renowned manufacturer of gaming machines, proposed the
development of the Okada Resort Manila Bay.
It will
be an integrated casino resort with 2,000 standard rooms
and 300 VIP suites. Its main features would be an
oceanarium targeted to be the world’s largest, theaters
and a giant Ferris wheel similar to the London Eye and
will be called the “Manila Eye.”
Genting
Berhard, with its partners Star Cruises and Alliance
Global Group Inc., is planning to build several hotels
with a minimum capacity of 2,000 rooms and a world-class
theme park. The company owns and operates the Genting
Highlands Resort in
Malaysia.
SM
Investments Corp. proposed to put up a gaming facility
in partnership with Asia-Pacific Gaming of Australia,
and a major luxury hotel to be managed by Radisson
Hotels & Resorts at the Mall of Asia Complex side of the
Manila Bay Integrated City.
Bloombery Investments Ltd., on the other hand, is
planning to build three luxury hotels with a total
capacity of 1,500 rooms, with high-end retail shops,
celebrity-themed dining, and a major entertainment and
sports center.
The four
groups had the ceremonial groundbreaking Thursday, and
they are set to begin actual development by the third
quarter of the year, Genuino said.
Meanwhile, Genuino said Pagcor is poised to increase its
revenues this year by at least 11 percent to P30 billion
from P27 billion last year.
Gaming
consultant Dean Macomber, president of Macomber
International, said in his presentation at the
Asia’s Gem that
the
Philippines’
gaming industry can achieve revenues of up to $1.08
billion in 2010 and $1.8 billion by 2013.
Macomber
said these numbers will increase further once the
effects of the Manila Bay Integrated City kick in.
Currently, Macomber said the country’s gaming revenue is
estimated at only $800 million, with the big majority
coming from local players at $613 million.
He said
although the Philippines is attracting up to 3 million
foreign tourists per year, most are coming in not only
to gamble but also to do business or just relax in the
resorts.
“That is
one good reason why Pagcor wants this integrated resort
to create that interest,” Macomber said.
Once the
country has offered a higher quality of gaming and
entertainment experience to foreigners, the deeper it
can penetrate the market, he said.
Once
fully operational—the earliest by 2010—the integrated
resort facility is seen to increase the country’s gaming
revenues by at least 30 percent.
It is
also expected to boost foreign tourist arrivals by up to
3 million individuals annually and generate over 250,000
fresh jobs. |
