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#1 ·
Pagcor, Greece's Loutraki Casino in talks for a project

BY LIZA REYES

State-owned gaming operator Pagcor said on Wednesday it was in talks with Greece's Loutraki Casino which wants to bid for the right to develop the first phase of the government’s 800-hectare gaming project in the capital.

The Philippine Amusement and Gaming Corp. (Pagcor) hopes to bid out the contract this year for the $10-billion development of the first phase covering 42 hectares, company chairman Efraim Genuino said on the sidelines of an international gaming conference in Manila.

“Loutraki is the biggest gaming operator in Europe. It’s from Greece,” said Genuino, who expects development of the first phase to be completed in two to three years.

“We're just finalizing the technical requirements before we start bidding them out. They're (potential investors) still waiting for the technical requirements so that they can comply."

The Philippines, which has a total public sector debt of P5 trillion or 87.7 percent of GDP as of June 2006, is eager for investments and the tax revenues gambling provides. Its casino monopoly Pagcor, which currently operates 13 casinos nationwide, is its biggest source of state income after taxes.

Genuino is hoping to hit the jackpot with the massive gaming and leisure project which would be built on an 800-hectare site of reclaimed land in Manila.

He was also hoping to generate more investments under a looser Congressional franchise.

Under the new Pagcor Charter, which is pending at bicameral conference committee, the Philippine casino operator may now enter into joint ventures with private investors.

The project, called Bagong Nayon Pilipino Entertainment City, is envisioned to be a total entertainment complex, complete with casinos, resorts, restaurants and a theme park.

"This will be a total entertainment package. It’s not just gaming but an entertainment complex for the family," Genuino said. “To attract tourists, we the design and approach to the project must be new compared to other Asian casinos.”
 
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#2,015 ·
Crisis won’t derail SM property plans
Top News
Written by Honey M. Reyes / Reporter
Sunday, 14 December 2008 23:12


CRISIS or not, there’s no stopping SM Investments Corp. (SMIC), the listed holding company of tycoon Henry Sy, from expanding.

Over the weekend, SMIC announced that its property unit SM Land Inc. will pursue the transformation of the 60-hectare Mall of Asia Complex in Pasay City into a world-class business and entertainment hub, as called for in its plan to go into tourism to complement other projects such as Hamilo in Batangas and a chain of high-end and boutique-hotels and convention centers across the country.

“We believe in the country’s strong potential in tourism,” said SMIC vice chairman Henry Sy Jr. The initial phases of the development require an investment of about P10 billion.

The entertainment hub will feature a number of hotels fronting Manila Bay to be operated by leading international hotel chains like the Radisson and the luxury Regent brand.

It will also include high-end retail establishments, a megastructure to be operated by an international casino operator, and a theater for the performing arts.

There will also be a residential component and a ferry terminal that will directly link the Mall of Asia Complex with the Hamilo project. Supporting this endeavor is the MetroStar Ferry Terminal that will service passengers for peninsular Cavite City when completed. The ferry service will cut travel time to Cavite City to less than 30 minutes from the 90 minutes by road.

The huge development integrates with the ambitious Pagcor City being advanced by government, which if successfully translated into reality will transform the Philippines into the Las Vegas of Asia.

“We are positioning this development for a wider reach, tapping tourists worldwide,” said Smic investor relations head Cora Guidote.

The country’s biggest conglomerate already has a provisional license from Pagcor, paving the way for the start of the development of the entertainment hub over the medium term.
 
#2,016 ·
i propose na gawing extension ng pagcor yung Hamilo sa Batangas ng Pagcor city. i think its aroung 4000 hectares (x2 or x3 ng macau) so madaming lugar for developments. tapos ang concept naman ay casinos by the beach or by the forests (although for sure magrereact ang mga environmentalists) tapos pagandahin yung mga ferry that will connect these places. ala HK-MACAU connection.
 
#2,017 ·
SMIC to build hotel, casino in ’09
Source: Manila Times


THE SM group is set to build its hotel-casino and entertainment facilities for state-run Philippine Amusement and Gaming Corp.’s (Pagcor) Bagong Nayong Pilipino Entertainment City next year.

Jose Sio, SM Investments Corp. (SMIC) chief finance officer, told reporters the holding firm will start construction of the hotels and casino within the Mall of Asia (MOA) complex adjacent to Pagcor’s project.

The 2-story casino, Sio said, is just a small portion of the company’s “total entertainment” offering as it would only have 10,000 square meters of floor space. He said it would be as big as the group’s supermarket in SM Megamall.

The executive said SMIC would form a new company under it to handle the entertainment venture. The gaming license and other necessary permits from Pagcor are expected to be released “soon,” he said.

Upon securing these, the holding firm will then select a third-party operator that will oversee the casino, similar to the arrangement it has with its future hotels in the area.

The holding company’s estimated $1-billion commitment to Pagcor is well under way, as it has been heavily investing in MOA, which will eventually be integrated into the Bagong Nayong Pilipino project. SMIC engaged hotel services provider Carlson Hotels Worldwide-Asia Pacific to manage Regent and Radisson branded hotels the Philippine company is building within the area.

Besides the high-end hotels, Sio said the SM group would put up SM-branded inns to cater to customers with a limited budget, local tourists and balikbayans.

In addition to the casino, SMIC will also build an arena that can host sporting events and concerts. A theme park may also be in the works, Sio said, to complete the company’s family friendly project.

To give room for all of its plans, the SM group will demolish its one-level headquarters in front of MOA and transfer its offices to the Two e-Com building under construction within the complex.

Earlier, Sio said the company would not slow down its expansion despite the economic downturn as it is set to open five new malls, additional retail stores and a Radisson in Cebu next year.

The executive said the group has enough funds for its expansion as it already secured $350 million or P17 billion from its bond issuance while it has another P27 million from the sale of its share in San Miguel Corp. SMIC also can tap existing and new credit lines, Sio said.
-- Likha Cuevas-Miel
 
#2,020 ·
Dont' Worry pag natapos yung construction ng SM at nakita ng ibang investor na dumami ang tao doon ehh baka mag 2 isip yung iba at agarang mag invest alam mo naman kung walang mag uumpisa walang susunod. kung baga to see is to believe.
 
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