top the land area, bottom the miniature plan without the observation tower
You’ll know that the Pagcor dream of creating a Las Vegas on Manila Bay will come closer to reality when one of the Big Boys actually signs a contract or joint-venture agreement with the state gambling monopoly. For the optimists, there’s recent news that Wynn Resorts, Ltd. (annual sales: US$1.4 billion and market cap of US10.3 billion) is interested. Given the Pagcor E-City’s ambitions, only those in the billion bracket (dollars, not pesos) can undertake this. But right now, it’s all just talk-talk, in contrast to Macau where it’s build-build-build.
Tim Shiah, a representative of Jack Binion of Wynn Resorts, said the company is “committed to look at all opportunities in the Philippines.” Jack Binion runs the international operations of the hotel casino chain, the first of which was Wynn Macau.“Wynn Macau is actually looking into the Philippines. Jack Binion is director of Wynn International that’s why he’s been down here for the last couple of years and they’re looking [around],” Shiah said at the Asia Gaming and Entertainment Expo briefing.“You know the biggest asset in the Philippines—and I can’t preach this loud enough—is the people here, the workforce,” he added.Hotel chain owner Steve Wynn and Binion had talked about duplicating Wynn Macau in the country, Shiah said, adding that the renewal of the license and eventual amendment to the charter of Pagcor would make it easier for the group to enter the local gaming scene.
Tim Shiah, a representative of Jack Binion of Wynn Resorts, said the company is “committed to look at all opportunities in the Philippines.” Jack Binion runs the international operations of the hotel casino chain, the first of which was Wynn Macau.“Wynn Macau is actually looking into the Philippines. Jack Binion is director of Wynn International that’s why he’s been down here for the last couple of years and they’re looking [around],” Shiah said at the Asia Gaming and Entertainment Expo briefing.“You know the biggest asset in the Philippines—and I can’t preach this loud enough—is the people here, the workforce,” he added.Hotel chain owner Steve Wynn and Binion had talked about duplicating Wynn Macau in the country, Shiah said, adding that the renewal of the license and eventual amendment to the charter of Pagcor would make it easier for the group to enter the local gaming scene.
Pagcor, Greece's Loutraki Casino in talks for a projectBY LIZA REYESState-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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