Gambling and Gaming Industry

[kiretoce]

Hotel Gambling in Asia: A Safe Bet?

Introduction
Legalized gambling in Asia is poised to create huge revenues and huge booms in tourism, which in turn means major development for the hospitality industry. The great success seen in Macau has caused the rest of Asia to re-think what was once an anti-legalized gambling attitude. Moreover, the increase in middle class residents has allowed more local disposable income, which has continued to fuel the gambling economy.

Macau
Macau recently overtook Las Vegas as the number one gambling economy in the world,1 but it is a change that has taken a number of years. Since the laws changed in 2002 to allow foreign entrepreneurs to open casinos, the Macau market has boomed.2 The economics of Macau’s casino are industry are simple: growth. Slot machines are driving much of that growth, as this graph shows:

3

Macau’s gaming statute relies on a series of concessions and sub-concessions to gaming providers, which are supervised by the Gaming Inspection and Coordination Bureau.4 Macau casino operators face a steep tax rate of up to 40% to operate, but the volume of revenue has clearly been enough to prevent the tax from deterring casino operators.5

China
The remainder of China still makes gambling illegal, with recent crackdowns on internet gambling,6 similar to sentiment in the United States. However, the legislation seems to stand in stark contrast to the history of gambling in China, leaving some to refer to gambling as China’s national pastime.7 While gambling in the majority of China seems like it will not occur, it is possible that an area like Hong Kong may be granted Macau-like casino rights.

Singapore
Singapore is now re-considering their stance on gambling, having dropped their ban in 2005. Two major developments are under way, set to open in 2009 and 2010 respectively.8 This decision has faced vocal opposition, and winning the hearts of the people seems to be one of the more difficult tasks.9 However, the limited grant of casino space may foreclose many from venturing into the Singapore market until the two developments are complete and have shown their validity.

South Korea
South Korea now has 17 casinos10 which are doing quite well, but the internet gambling business has recently faced a considerable crackdown.11 South Korea even showed growth in the gaming sector during their recession in 2001.12 Of course, there have also been significant issues with gray-market gambling in Korea, which operates much like pachinko in Japan.13

Taiwan
Taiwan is still considering gambling, although PricewaterhouseCoopers predicts that it will be limited to one casino.14 Should this be the case, the competition to secure that one spot will likely be fierce. It remains to be seen what style of gambling regulation Taiwan would put in place to control this, but it can be expected that it will likely be a single concession.

Japan
Japan has had a very peculiar form of legalized gambling in place for years: Pachinko. For those unfamiliar with the game, pachinko involves controlling the rate at which ball bearings enter a pinball-like board.15 Winning players are rewarded with more ball bearings. These ball bearings can be traded in for prizes, but not cash. However, upon exiting the pachinko parlor, a small booth can be found somewhere nearby, and that booth will trade cash for tokens that are among the prize choices. Pachinko is already huge business in Japan, with over 30 million yen spent by players in an average year.16 However, other than pachinko, horse racing, and the lottery, gaming is illegal. Specifically, casino gaming is completely forbidden.17

However, Japan may be on the verge of legalizing casino gambling.18 New legislation has been presented to legalize casino gambling, which is estimated to pass by June 2008. The bill adopts an approach similar to that employed in Singapore in order to dispel the negative image gambling has in Japan. While only time will tell if Japan actually ends up legalizing casino gaming, the odds seem favorable at this juncture.

Philippines
In the Philippines, a large new casino complex is planned for Manila Bay called PAGCOR City,19 which stands to dramatically increase revenue.20 The Philippine Amusement and Gaming Corporation (PAGCOR) is in charge of regulating the gaming industry, both land based and virtual.21 PAGCOR has been operating since 1976, and is a general success story in terms of generating government revenue through gaming.22

Broad Based Implications
This new proliferation of legalized gambling means that the hotel franchise counsel may need to seek expert assistance as more franchisors may become interested in adding gaming to their properties, or creating new gaming properties in these new locations. Much like the Caribbean, hotel chains that do not traditionally enter into the gaming arena may see the opportunity Asia presents and decide to pursue the additional revenue gaming has to offer. However, like franchise law or international trade law, gaming will continue to be a highly specialized, regulation heavy area where mistakes are not a luxury the client can afford. The language barrier can only serve to complicate this matter.

Typically, a chain wishing to have gambling on premises will handle these operations in house. That structure means that gaming specific staff will need to be hired and a whole host of gaming specific rules and procedures will have to be put in place. Moreover, the gaming areas of the hotel should be planned from the inception of the new hotel’s creation. This can maximize their friendliness to gaming specific elements, especially security concerns, including surveillance cameras, money counting facilities, and secure money storage.

The hotel industry is used to compliance on a number of other fronts, from franchising to health codes. Gambling is another animal in the administrative law menagerie, and as such has a whole series of rules and regulations all its own. Some of these take the form of licensing, others as mandatory procedures for the casino to follow. In any case, strict adherence to the governmental rules can make or break the operation, and as such hotel management will need gaming compliance counsel to educate their staff and help craft the necessary elements to remain in compliance. The difficulty comes in the last of standardization across Asia. If a hotel operator wishes to take advantage of multiple gambling states, they will need to re-analyze their existing procedures for each new state they enter to maintain local compliance. The complexity involved will resemble the difficulties faced by international hotel franchise counsel, where franchise rules can similarly vary from country to country.

Moreover, many manufacturers of gaming machines worldwide will now be looking to export their machines to these new gaming areas. Of course, with any technology, there are always a host of trade regulations to be concerned about. These can include the International Traffic in Arms Regulations (ITAR)23 and Export Administration Regulations (EAR).24 This new wave of Asian gambling may prove to be a significant source of work for those who deal in international trade in Asia. Of course, the volume of machine sales is relatively steady despite the status of casino projects merely because machines have a limited lifespan. Thus, the import/export aspect of the new casinos could extend well past the franchise concerns that exist at the outset of hotel project development.

Conclusion
As gaming continues to spread worldwide, more legal business will accompany it. Since there is little standardization worldwide of gaming laws both land based and online,25 any company interested in capitalizing by adding casinos in other countries will need the assistance of counsel that understands the country specific gambling regulations. Of course, the greatest barrier for many will be that of the language, which could bode well for attorneys who speak the various Asian languages. In addition, between the widespread issues of internet gambling and the proliferation of casino gambling across Asia and other parts of the world, attorneys experienced in gambling regulations may soon be in significantly higher demand.

[jonno]

Let me say it again; let's pre empt the future opposition to this Pagcor city. I suggest regulating locals' entry to the casino:

1. Any local with a foreign ID/passport carrier - welcome 24/7
2. Local Filipinos - No entry from Sundays to Thursdays

[nevivy82]

Does anyone know of an old casino located in Mambaling that was owned by Late Mr. Gavino Moras. I had visited this place many years back. Is it still operational? Please help.

[flesh_is_weak]

the only gambling-related building that i could think of in the vicinity would be the abandoned Jai Alai building

[kiretoce]

It’s tourism now for Asia, fueled by gaming and entertainment. It is a $98-billion industry. And we, in the Philippines, are being left behind because of too much political noise and interference.

The Philippine Amusement and Gaming Corp., in an attempt to get a slice of the gaming and entertainment pie, plans to put up a $10-billion facility, the Nayong Pilipino Entertainment City Manila. This will stand at the 400-hectare reclaimed area along Roxas Boulevard.

Pagcor has started the ball rolling by finalizing terms of reference for an international bid after Asian, American and European gaming and entertainment giants attended an investors conference.

Just how far it will go is anybody’s guess, considering all the political and religious obstacles the project will have to hurdle.

The Entertainment City being envisioned by Pagcor will certainly make Manila a tourist destination with the multi-complex city complete with luxury hotels, sports and convention centers, theaters, entertainment for the whole family, shops and a baywalk to enable people to watch the famous sunset at Manila Bay.

I have seen how gaming and entertainment have transformed not only Macau into a tourist destination. The same can be said of the former staid city-state of Singapore.

The irony is that while our neighbors are at it, we just might be missing the bus again at the rate we Filipinos are shooting ourselves in the foot. In effect, we have become our own worst enemies!

(Source)

[red_jasper]

Inquirer
Last updated 06:17pm (Mla time) 10/15/2007

MANILA, Philippines - Internet gaming firm Philweb Corp.;s net income surged dramatically by 188 percent to P121.7 million from January to September, from P42.3 million posted in the same nine-month period last year, Philweb president Dennis Valdes said.

Likewise, money transfer company iRemit Inc. said that its net income for the first nine months (iRemit) rose sharply by 176 percent to P78.2 million from the P28.3 million of the previous year.

In a statement, Philweb reported a 111-percent rise in revenue for the first three quarters to P193.5 million, from P91.5 million in the same period last year.

Valdes pinned the strong growth on volume increases from the company's core Internet casino and sports betting businesses.

"Not only have we increased the number of our internet casino stations and the number of terminals within those stations, but we continue to realize scale benefits and efficiencies, resulting in better margins," Valdes said.

Year-to-date net income margin is at 62 percent, up from last year's 46 percent.

In the first three quarters of the year, PhilWeb registered three new subsidiaries with the Securities and Exchange Commission: PhilWeb Gaming Solutions Corp., a firm that develops promotional gaming solutions for outside clients; PhilWeb Leisure and Tourism Corp., a venture to explore leisure and tourism activities; and PhilWeb Tourism and Entertainment Corp., a company to build facilities in this sector. Philweb has a "war chest" of about $10 million.

PhilWeb is a dominant local player in the Internet gaming sector, and is a technology enabler of state-led Philippine Amusement and Gaming Corp.

Read more

[red_jasper]

Angeles City students protest Pagcor's E-casino
01/17/2008 | 10:29 AM

AUF students protest E-Casino
By Ian Ocampo Flora and Dante M. Fabian

Sun.Star: ANGELES CITY -- Holding streamers and placards, about 200 students of Angeles University Foundation (AUF) staged -- in what can be hailed as this city's first ever anti-gambling student action -- a protest rally against a government-operated gaming facility here on Wednesday.

The students, who came from different college departments of AUF, marched from the main campus and aired their grievances in front of the Philippine Amusement and Gaming Corporation (Pagcor) E-Casino facility here.

The mass action was made after AUF chancellor Emmanuel Angeles denounced the opening of the facility, which violates existing zoning laws. The E-Casino is partly an online facility where customers can gamble online. The facility, set to formally open on Friday, is set to feature the usual casino games like slot machines, bacarrat and black jack.

Angeles said the Pagcor E-Casino is located only about 150 meters from AUF. "It is also near the Iglesia Ni Cristo Church, and several meters away from the Mother of Perpetual Help School of Midwifery and the Philippine Women's University. There is also a Montessori nearby," he said.

He said the existence of gambling and gaming halls near educational and religious institution is against the law.

Sylvia Soriano, vice president for administration of AUF, said the facility is a direct affront to public morals and may provide possible "distraction" to students in the area. "The E-casino is situated near the school, this is not just an ordinary facility but a big one operated by Pagcor. We will not stop these rallies until this facility closes," she said.

According to the protesters, the E-Casino, which is located at the second floor of the Eloisa Building along McArthur Highway corner Angeles-Pandan Road violates the 200 meter radius set by Philippine Zoning Law which prohibits the operation of gambling facilities within the radius of school or church establishments.

"We have set up rounds of protest rallies from 2 to 3 p.m., 3 to 4 p.m. and 5 to 6 p.m. Students will see to it that the management of this E-Casino will get our message," said Christina Marie Tobias, University Student Council president here.

The university will continue the rallies on Thursday until Friday when bigger rally is set to be staged and to be participated by a majority block of the university community.

The protesters, accompanied by their professors and instructors, shouted anti-gambling phrases and prayed in front of the Pagcor facility.

"Gambling is immoral, and as students we have the right to study in a community free from such establishments," Tobias said, as she waves a banner condemning the existence of the establishment.

"Our chancellor has filed for a temporary restraining order (TRO), but as of the moment we could only hope that the TRO could be released just before the casino operates on Friday," Soriano added.

Soriano said they have coordinated with the officials of other schools to join in the protest rallies.

Councilor Jesus Sangil meantime denounced the establishment of the online casino near the AUF and vowed to file a resolution seeking the City Council's opposition to the same.

Sangil said he would file a resolution urging the executive department of Angeles City to stop the impending opening and operation of on-line casino of Pagcor in the city.

He said gaming facility -- located in Barangay Salapungan, Angeles City -- is about to open and operate without the knowledge of city officials and added that the implementation of such project -- no matter how significant the possible benefits to the city -- violate provisions of the Local Government Code of 1991 or Republic Act (RA) 7160.

He cited that violations include the very basic dynamics of governance that include the mandatory consultation of local government units by concerned government agencies in their undertakings in affected areas, as stipulated in RA 7160.

He said the location of the online casino also violates existing national and city ordinances on the prohibition of establishment of gaming facilities near schools and other institutions of learning. - Sun.Star

[bukid]

huwag niyo munang i-abolish ang lotto...

hindi pa ako nananalo. sayang naman yung naitaya ko na noon. babawiin ko muna. tapos sige i-ban nyo na yan.

[le Reine]

loko.

[red_jasper]

Protests can’t stop Angeles City casino, says owner

By Tonette Orejas
Central Luzon Desk
First Posted 18:08:00 01/18/2008

ANGELES CITY, Philippines -- A casino hounded by protests from school officials and students here cancelled its scheduled opening Friday.

But the casino license holder, Emmanuel Jacinto, said it was not because of the protests.

Jacinto’s casino is within the city’s school zone.

He said he was expecting the mayor’s permit to be released next week and that was the only reason the casino opening was put on hold despite its announcement through streamers and flyers.

But Dr. Emmanuel Angeles, chancellor of the Angeles University Foundation (AUF), said Jacinto would not get what he wants.

Angeles said Alex Ozaeta and Andy Lizares, managers of Philippine Amusement and Gaming Corp.-run casinos in the village of Balibago here and in Clark, had called him separately on Thursday to promise "they would not allow Jacinto to operate one (casino) in its present location."

Jacinto’s company, the Emaja Internet Gaming, rented the 200-square meter second floor of the Eloisa Building in the village of Salapungan, the building owner told the Philippine Daily Inquirer, parent company of INQUIRER.net.

Angeles said he was waiting for Pagcor’s official communication on the controversy on Friday.

He said he would hold the filing of a petition for a temporary restraining order against Emaja until Pagcor’s written assurance comes.

Angeles said he also lobbied with Mayor Francis Nepomuceno not to issue Emaja a permit. The mayor could not be reached on Friday.

The main point in the dispute stems from the casino’s location.

Jacinto said the casino was 206 meters from the AUF and this, he said, was certified correct by the city engineer’s office.

But Angeles said the casino was 153 meters from the AUF, 50 meters from the Philippine Women’s University extension campus, 100 meters from the Montessori School and 50 meters from churches of the Iglesia ni Cristo and the Archdiocese of San Fernando.

"Whether it is 150 [meters] or 200 [meters] or more than that, a casino or any gaming establishment should not be near our academic institutions," Angeles said.

He said his office has been swamped with letters of concern from parents.

Pagcor was still validating the distance, said Dodie King, the firm’s public relations officer. He confirmed that Pagcor gave Emaja a certificate to operate but held it until the license holder gets its business permit.

Jacinto said he would not back off. "All of our papers are legal and in order. Hindi ako patatalo sa ganoon lang (I will not withdraw just like that). I will continue with the business," he said.

The AUF student council warned of a "massive demonstration" once Jacinto insisted with his plan.

The casino, Jacinto said, would only be opened to players 21 years old and above.

[richard24]

yung casino sa cainta, wasn't able to open na., malas. the one in binangonan, the Fiesta by thunderbird resorts, seems to be a huge hit, attracting the rich people in antipolo and rizal and even the eastern portions of metro manila.

[OtAkAw]

Originally Posted by o[R]b'z2

Protests can’t stop Angeles City casino, says owner

I took part in the rally concerning this, just guess who I am in here:


As of now, though I'm not sure if the project is totally scrapped, all signages, banners and every ad material concerning that E-Casino has been removed. It should have opened on Jan. 18, but it didn't so I guess our efforts bore fruit. It was my first time to join a rally/take part in activism (I was rather "encouraged" to join since student council officers were asked to lead & take part), ang init init paman din non.

[chocolato1000]

the rightmost guy with a clenched fist?

[le Reine]

you're right... hahaha...

[gen1]

hey, not all RBs have limp wrists.

remember the spartaaaaans . . .

[OtAkAw]

And what do you mean by that??

[Espma]

Harrah's Considering Subic Bay For Major Casino Project
January 17, 2008 10:54 a.m. EST



Joseph Dela Cruz - AHN News Writer
Manila, Philippines (AHN) - Harrah's Entertainment Inc., the world's biggest casino operator, is meeting officials from the Philippines for the second time next month to seriously look into the possibility of putting up a multi-billion dollar gaming project inside the Subic Bay Freeport and Special Economic Zone (SBFSEZ).

Senator Richard Gordon, who was a former Subic Bay Metropolitan Authority (SBMA) chairman, told reporters in an interview recently that the idea is to help the Freeport area become attractive to gambling tourists coming from the Asia-Pacific Region.

Gordon said the Philippines should take advantage of Harrah's future plan to expand in the region since it could no longer locate in Singapore or Macau where the issuance of casino licenses is limited to existing operators.

In Macau, there were three licenses issued plus another three sub-licenses, while the Singapore government has only allowed the presence of two operators, Gordon explained.

With world-class casino operators such as Hannah's doing operations in the Philippines, the whole of Subic including Clark could easily become a top tourist destination especially with the presence of three airports and two seaports.

According to Gordon, he has already talked to top executives of Harrah's to discuss the prospects of Subic as its most ideal site for expansion in the region. He said prospects were good but another follow-up meeting may be needed to finally lure the company.

He said he is scheduled to leave for Las Vegas next month to meet some of the company's executives.

SBMA administrator Armand Arreza, in the same interview, said inviting world-class casino operators to do business inside the Freeport area is in line with the government's plan to develop casino resorts either within the zone or outside Subic where the same fiscal incentives will also be offered to interested parties.

Harrah's operates eight luxury casino hotels in Las Vegas and manages 40 casinos in three countries. The company is led by Philip Satre and Gar Loveman.

In December 2006, Harrah's entered a $17 billion buyout offer from private equity firms Apollo management and Texas Pacific Group. It went public in 1971 and acquired Holiday Inn in 1980.

Other acquisitions include Rio Hotel and Casino, Inc. in 1999 for $888 million; Caesars Entertainment, Inc. (Bally's Caesars Palace, Flamingo, Paris) for $5.2 billion. Ceasar's was the casino spin-off of Hilton Hotels; It has bought the Horseshoe brand name when it purchased Horseshoe Gaming Holding Co. until 2005 when it sold the casino to MTR; bought the Imperial Palace in 2005 for $370 million.

[red_jasper]

Premiere Entertainment Productions Buys DigiWave
04-03-08

Philippines-listed entertainment group Premiere Entertainment Productions has signed a deal to acquire online gambling software developer Digiwave Solutions subject to the approval of shareholders.

The deal will see Premiere Entertainment Productions issue over one million shares amounting to about $1.24 million in exchange for ownership of Digiwave.

“The share swap is anchored on Digiwave’s projected net income as for the year ending December 31, 2008, valued at $3.11 million given a P/E multiple of eight times,' a statement from Premiere Entertainment Productions read.

The statement went on to report that agreement had been reached to rename the company Premiere Entertainment Philippines with the selling Digiwave shareholders agreeing to invest $3.72 million in the new company.

Premiere Entertainment Productions is engaged in entertainment, gaming and leisure activities and is chaired by movie producer Cirio Santiago. It produces full-length motion pictures and program content for free television, cable broadcast and video distribution with a subsidiary, Premium Events Palace, involved in bingo parlour operations.

Digiwave is an entertainment and information technology company that is also the second-biggest supplier of gaming stations in the Philippines through the facilities of Government agency PhilWeb. Its principal business is the development and provision of leisure gaming software using South Korean technology and a Filipino workforce.


was surprised to read that our government has an agency named PhilWeb.
turned out PhilWeb is not a Government agency but is the Principal Technology Service Provider and Marketing Consultant for PAGCOR's Internet Sports Betting and Internet Casino Gaming, that is according to their website (linkie)

[red_jasper]

Star Cruises to invest in Philippine casino project
Wed Apr 2, 2008 1:39am EDT

HONG KONG, April 2 (Reuters) - Star Cruises (0678.HK: Quote, Profile, Research) (SARC.SI: Quote, Profile, Research) said it has agreed to join forces with Alliance Global Group Inc (AGI.PS: Quote, Profile, Research) to develop and operate hotel and casino complexes in the Philippines.

Star Cruises will pay $335 million for half of the equity interest in Alliance Global's Travellers International Hotel Group Inc, which has applied for a provisional gaming licence to participate in a Philippine hotel and entertainment resort development.

For details please read here 0402092.pdf (Reporting by Alison Leung; Editing by Edmund Klamann)

[-TC-]

http://www.businessmirror.com.ph/0404&052008/opinion01.html

Rising soon: Manila Bay Strip

BusinessMirror Editorial - April 4, 2008

Some 60 kilometers southwest of Hong Kong is the former Portuguese colony of Macau. With a total land area of 28.6 sq km, it is smaller than Mayor Alfredo Lim’s City of Manila, which covers 38.55 sq km. Macau has a population of a little over half a million, less than a third of the Philippine capital city’s official count of 1.5 million people.

So how could such a tiny spit of land have generated over $17 billion as gross domestic product (GDP) in 2006? That kind of GDP makes for a per-capita income of $28,853—again in 2006 American dollars. Macau’s economy has been growing at over 13 percent annually—tracking and sometimes leading the consistently robust growth rates of the entire Chinese economy.

If he were still alive, paramount leader Deng Xiaoping—who almost single-handedly modernized his country by adopting “socialism with Chinese characteristics”—would probably be overjoyed that Macau has been living up to his dictum, “To be rich is glorious.”

What made such impressive economic figures possible is gambling—or, its more polite variant, “gaming.” Casinos are what have made this special administration region a Chinese cash cow since Lisbon formally returned it to Beijing in 1999.

To be sure, Macau has other sources of income, such as some light industries that include garment and textile factories. Its history as the oldest—and last—European colony on Chinese soil has produced a culture that appeals to millions of sightseers, both Chinese and foreign. There is little doubt, however, that the bulk of 25 million tourists who went to Macau last year alone made a beeline to its casinos. And projections are tourist traffic—both from the mainland, where illegal gambling can earn an offender three years in prison, and overseas—is bound to keep growing. Of course, it has not always been that way.

The history of the gaming industry in Macau can be traced to 1962, when the Portuguese colonial authorities issued a monopoly license to the Sociedade de Turismo e Diversões de Macau (STDM), headed by the legendary Stanley Ho. His classic Hotel Lisboa and its opulent extension across the street, the lotus-shaped Grand Lisboa, still dominate the skyline of Macau’s old section. However, Macau—and China as a whole—hit the jackpot when the Chinese authorities decided to give Ho some competition.

The Macau government ended the monopoly system in 2002. Six casino concessions and subconcessions were granted to STDM, Wynn Resorts, Las Vegas Sands, Galaxy Entertainment Group, the partnership of MGM Mirage and Pansy Ho Chiu-king and the partnership of Melco and PBL.

Stanley Ho’s STDM continues to operate 16 casinos, which are still considered crucial to Macau’s casino industry. In 2004, however, the opening of the Sands Macau ushered in a new, more profitable era.

At its opening the Sands Macau was hailed as the largest casino in the world, as measured by total number of table games. After the Wynn Macau threw its doors open in 2006, gambling revenue from Macau’s casinos surpassed for the first time that of the Las Vegas Strip’s $6 billion or so. Since then, Macau has become the highest-volume gambling center in the world.

Success breeds success, and keeps on doing so. In 2007 the Venetian Macau—the second-largest building in the world—opened its doors to the public, followed by MGM Grand Macau. Many other hotel casinos, including Galaxy Cotai Megaresort and Ponte 16, are similarly set to open in the very near future—going by the relentless pace of construction at Macau’s reclamation areas.

Officially, Filipinos make up 2 percent of Macau’s population. They are employed not just in the casinos, but also in hotels, restaurants, transport companies, retail outlets and wherever there is a need for amiable, hard-working and English-speaking staff. However, there are probably even more Filipinos in Macau working “informally.”

That Filipinos make up a significant portion of Macau’s casino work force—and, for that matter, in the US gaming centers of Atlantic City, Reno and Las Vegas—has its parallels in, say, our merchant marine. The Philippines deploys the largest number of seamen across the globe—mainly because it does not have a big enough maritime industry to employ them.

Some of our expatriate manpower and talent in the gaming establishments of Macau—and even Nevada and New Jersey—may finally be able to come home and still earn a decent living in the not-too-distant future.

After making investors—along with thousands of job-hungry Filipinos—wait for what must have felt like an eternity, the state-owned Philippine Amusement and Gaming Corp. (Pagcor) finally gave the go-signal to four investors ready, willing and able to put up a world-class gaming center in Manila.

As this paper reported yesterday, what has been envisioned as a Las Vegas-like Bagong Nayong Pilipino-Manila Bay Integrated City took another step closer to reality. Japan’s Aruze Corp., Genting Berhad of Malaysia, SM Investments Corp. and Australia’s Bloombery Investments Ltd. were given the go-ahead to put up their respective multibillion-dollar projects at the 90-hectare resort complex.

Pagcor has approved the project proposals of the four groups, with total investments of about $10 billion spread over three to five years.

When fully operational—the earliest by 2010—the integrated resort facility is projected to raise the country’s gaming revenue by at least 30 percent. It is also expected to boost foreign tourist arrivals by up to three million travelers annually, and generate over 250,000 new jobs.

Pagcor aims to use the Bagong Nayong Pilipino as a catalyst to sustain the growth of the country’s tourism industry. It hopes to attract at least $4 billion in investments.

Fears that the envisioned gambling center would further erode Filipinos’ public morals seem to be unfounded. Similar—but not as grand—gaming operations have actually been operating for several years now in Ilocos Norte, Cagayan, La Union, Rizal and the old US military bases at Clark and Subic Bay. The bulk of their clientele is foreign—including spillovers from Macau.

Besides, the potential of the Manila Bay Strip for boosting tourist traffic is enormous. There are certainly more attractions for sightseers in this country than the ex-Portuguese colony’s
church ruins.