Gambling and Gaming Industry

[venntro]

Can someone post pics of the ongoing clearing development in the area of PAGCOR city?

[kiretoce]

Pagcor's 'Las Vegas' dream to cost $20B
March 22nd, 2007

MANILA, Philippines -- The government's Philippine Amusement and Gaming Corp. (Pagcor) has raised its project cost estimate for an ambitious gaming complex -- to be patterned after Las Vegas -- that will rise on reclaimed land along Manila Bay.
Speaking to reporters Wednesday, Pagcor chair and CEO Ephraim Genuino said that as much as $20 billion-- equivalent to 16 percent of the country's total economic output in 2006 -- would be spent in putting up the "Entertainment City."

This marks a 33-percent hike over the initial $15-billion cost that was announced when the project was unveiled in 2001. Under the original plan, the investments and project cost would be spread out over a 10-year period.

"The project is a shift [for Pagcor] from gaming into entertainment," Genuino told reporters at the Asian Gaming and Entertainment Plus Leisure Expo Manila. "We will form a Las Vegas in the Philippines."

The complex, also called Pagcor City, will be built in three phases on 800 hectares of reclaimed land. The first phase will host a hotel-resort and theme park. The next two phases will have retirement villages and entertainment centers.

Separately, however, Pagcor officials said that only "$10 billion to $15 billion" would be spent on the first phase of the project, which would cover between 45 to 65 hectares of the total proposed area.

Genuino said that only 25 percent of the total land area has so far been reclaimed, with the rest to be added as the project gets underway.

Genuino also expressed confidence that the Pagcor City project will not encounter opposition, even from the Catholic Church.

"For us to hurdle opposition to gaming, we will follow Las Vegas," he said. "I think the Church will understand. We are the biggest income generator for the government, and I think the Church will be mature enough to understand."

The gaming firm said that it made P25 billion in revenue from casino operations in 2006, almost 10 percent higher than the P23 billion profit it posted in 2005.

The head of the state gaming monopoly revealed that they are already in talks with Greek casino and resort operator Loutraki—a major player in the European gaming industry—for the development of Entertainment City's first phase.

"We have also spoken with Ceasar's Palace and Genting," he said, referring to the US- and Malaysia-based casino operators.

Genuino said 90 percent of the funds for the project will come from foreign investors. Other funders from Japan, Europe, the US and South Korea have also signified interest in financing the project.

Japanese investors, he said, are interested in developing a retirement village within the area for the expanding Japanese retiree market.

He added that Pagcor was working on the technical requirements of the project, with preparatory work scheduled to begin this year. Construction would be completed by 2009.

"The thrust now is not casino gaming but total entertainment," Genuino said. "In the global arena, only 25 percent of the revenues of gaming destinations such as Las Vegas come from actual gambling."

He said the Philippines stands to gain substantial tourism revenues by taking an active role in the global gaming industry. He noted that even a conservative country such as Singapore has opened its door to casinos as it realizes the benefits to be derived from the industry.

"With Pagcor City, we will quadruple our tourists to 10 million in five years," he said. "We hope we can catch up with Singapore and Macau."

Genuino also said foreign investments in the project will be finalized once Pagcor's charter is amended to allow the state-owned company to enter into joint ventures with foreign investors.

[kyle@1008]

Oh I can't wait, ..but it seems dear Senator Lacson is questioning the project, he says there is something fishy about it...

[Sinjin P.]

^ Oh, fishy, fishy, they should try catching some fish

[tigidig14]

magkano na pala ang ending satin?
taya ako ng taya nung nandyan pa ko
pero ni isa nde man lang nanalo
piso per slot as far as i remember
pag nanalo meron libreng kangtootbrush
at libreng kangtootpaste

[smokingunmanila]

Originally Posted by kyle@1008

Oh I can't wait, ..but it seems dear Senator Lacson is questioning the project, he says there is something fishy about it...

Eh sya nga amoy malansa dyan ehh......if you know what I mean..favorite color is pink? hmmm...

[smokingunmanila]

dapat hindi na manalo yang si lacson...talagang nuisance lang yan sa senado....

[kyle@1008]

he's leading in the polls.... why god , why???

[jmok]

Originally Posted by tigs

magkano na pala ang ending satin?
taya ako ng taya nung nandyan pa ko
pero ni isa nde man lang nanalo
piso per slot as far as i remember
pag nanalo meron libreng kangtootbrush
at libreng kangtootpaste

hi!!!
dito sa bacolod iba iba,,may 3 may 5 may 10 rin .sometimes nga 15 or 20....tumataya rin ako sa ending..hehehhe

[dattebayo]

hope they will make the entertainment city as flashy as las vegas. sana lagyan nila ng maraming neon lights para. sarap isipin na ang pinas ang entertainment capital of s.e asia

[kiretoce]

But sometimes "flashy" can easily come off as tacky and kitschy instead, it a very fine line and we don't want that happening, do we?

[Insanedriver]

Originally Posted by tigs

magkano na pala ang ending satin?
taya ako ng taya nung nandyan pa ko
pero ni isa nde man lang nanalo
piso per slot as far as i remember
pag nanalo meron libreng kangtootbrush
at libreng kangtootpaste

lol is that a song?

[Ady001]

Related to this news is Bishop tobias's appearance in the newest casino.

[smokingunmanila]

Nako kapag natuloy to..pwede ako uli mag work sa gambling industry....kasi dito..if you resign from Pagcor..you cannot work again and of course..sila lang ang gambling company dito...

[kiretoce]

Filipinos benefit from Macau casino boom
11 April 2007

The former Portuguese enclave of Macau, which now turns over more money in gambling than Las Vegas, has become a haven for overseas Filipino workers (OFWs).

There are already about 35,000 Filipinos working in Macau - doing various things from the usual hotel services to running golf courses or acting as security personnel.

Because of the business boom in Macau and a fast growing middle and a lot of expats, there is also a demand for household help and it may soon follow the experience in Hong Kong.

“With all the feverish construction of new hotels and casinos, it is easy to see why there would be thousands of new jobs available for our work force in this booming Special Administrative Region of China,” said writer Boo Chanco.

There are more than 10 million overseas Filipinos worldwide, about 11% of the total population of the Philippines.

Each year, the Philippines sends out more than a million of its nationals to work abroad through its overseas employment program.

[kiretoce]

PAGCOR sets bidding for gaming complex

The state-run Philippine Amusement and Gaming Corp. (PAGCOR) will hold the first pre-bid conference for the proposed $10-billion Entertainment City project in Manila in two weeks.

“The terms and conditions governing this undertaking shall be announced and discussed during the pre-bid conference,” PAGCOR chairman and CEO Efraim Genuino said in a press statement.

The Las Vegas-style gaming and entertainment complex is set to rise on the reclamation area in Manila Bay.

PAGCOR said the area is easily accessible from major thoroughfares such as EDSA and Roxas Boulevard. It is also near the Ninoy Aquino International Airport (NAIA), seaports and major commercial and urban centers.

“The Entertainment City Manila is our answer to the rapid developments happening in other parts of Asia, particularly Macau and Singapore, as well as in other parts of the world,” Genuino said.

He said the construction of Entertainment City Manila “is in line with President Arroyo’s eight-point agenda, which aims to revitalize the tourism industry, in particular, and the Philippine economy.”

The entertainment complex is Genuino’s brainchild and it will contain five-star hotels, amusement parks, educational and cultural complexes, shopping malls, a commercial district, a sports stadium, restaurants, convention halls, state-of-the-art theaters, gaming centers, race tracks, residential villages, a hospital district, and other facilities at par with international standards.

PAGCOR said the idea for Entertainment City Manila was developed as early as 2001 “but remained in the pipeline for the longest time due to factors, such as the pending expiration of the PAGCOR franchise.”

“However, with the recent passage of House Bill 3409, which extends the life of the corporation for another 25 years, it’s all systems go for this colossal project,” he said.

“We are all very excited about getting this project in motion because of the countless benefits it will bring to our country and its people,” he added.

Even before the project’s construction begins, PAGCOR said it may already generate millions of dollars in revenues in the form of advance lease payments from future locators and other investors. During the project’s construction, PAGCOR said the local construction industry will be revitalized because of the requirements of this massive undertaking.

“In the process, hundreds of thousands of local employment opportunities shall be created,” PAGCOR said.

“These do not include the direct benefits the project will bring to other industries, such as transportation, communications, food, hospitality and entertainment,” it added.

PAGCOR said Entertainment City Manila “is in the right position to succeed, considering that Asia is a growing market, having the highest population and most affluent citizens.”

It also said the Philippines serves as a gateway to Asia and is strategically located a few hours from China, Japan, Malaysia, Singapore, Thailand, Vietnam and South Korea.

Two opposition lawmakers earlier said they want the House of Representatives’ oversight committee to investigate PAGCOR’s plan for Entertainment City Manila.

Genuino said the construction of this massive project will be handled by foreign investors. “Our country will not spend for these developments. We are just selling a concept,” he said.

The project is expected to attract 10 million foreign visitors in five years and generate millions of jobs for Filipinos, he said.

PAGCOR has consistently been the third biggest income-generating government agency. Last year, it generated P35 billion, higher than its 2005 income of P23 billion.

[jonno]

Originally Posted by kiretoce

PAGCOR sets bidding for gaming complex



PAGCOR said the idea for Entertainment City Manila was developed as early as 2001 “but remained in the pipeline for the longest time due to factors, such as the pending expiration of the PAGCOR franchise.”

As early as 2001???? No wonder we're getting left behind, just three words could make this country prosperous if most Filipinos understand it:

TIME IS MONEY!

[jonno]

Originally Posted by kyle@1008

Oh I can't wait, ..but it seems dear Senator Lacson is questioning the project, he says there is something fishy about it...

There's always something fishy about everything - even in the Vatican there's corruption - we are losing much more money from lost economic opportunities brought upon by the delays caused by these investigations, court hearings, etc. When would these imbeciles understand that TIME IS MONEY. Look at the North Railway project, we are suppose to have a train operating from Caloocan to Bulacan by 2008/2009; now the project would be delayed for an unknown period since someone took the matter to court. How much economic opportunities would we be losing because of this delay? Wouldn't it be greater than whatever issue/concern that they have brought to the court?
Since we can't abolish the Senate yet - maybe we could put a cap to investigation periods/delays - say maximum of three months for the Senate to investigate and make its conclusion - unless they have proven something else, things should proceed as planned. The courts should also be given a time frame to make decisions on things that are of public interests (infrastructures, etc.) say a maximum of 4 months - if they can't make a conclusion within that period then the matter should proceed.

[jonno]

I've got a suggestion on how PAGCOR can pre-empt the Church and hypocrite politicians future opposition on this spectacular, Las Vegas type project:

That is their entry rules on the new casino could be:

1.) Foreign ID/passport holders - No restriction on entry to the casinos
2.) Any local Filipino with a person/s carrying a foreign ID/passport - No restriction on entry to the casinos
3.) Local Filipinos - Entry to the casinos would only be allowed from Fridays 1pm up to Sundays 4 am

Of course the suggestion above is not only to pre- empt those who would oppose this project ( I could imagine them publishing "studies" about gambling addicts and the resulting increase in crime, family break ups, etc.) but also to actually mitigate the downsides of gambling.

Can anyone bring my suggestions above to Pagcor?

[gen1]

won't work. most of the gamblers are local pinoys (with a good deal of chinoys). that's who I see when I used to play the horseracing game . fascinating how they plunk in 100K chips at the blackjack tables.

US$20 Billion entertainment complex ?

at the usual Pagcor SOP of 30%, magkakaroon tayo ng bagong bilyonario