>> ASIAONE / NEWS / THE STRAITS TIMES / STORY

		Goh Eng Yeow Fri, Apr 04, 2008 The Straits Times
Manila to build multibillion-dollar casino resort
MANILA - THREE foreign companies and a local conglomerate have been approved to take part in a multibillion-dollar Las Vegas-style casino and tourism complex in the Philippine capital, the country's first integrated casino resort. The Bagong Nayong Pilipino-Manila Bay Integrated City will incorporate casinos, luxury hotels and a golf course covering 90ha of reclaimed land on Manila Bay. The foreign companies jointly developing it with SM Investments Corp of the Philippines are Aruze Corp of Japan, Genting Group of Malaysia and Bloombery Investments of Australia.

Mr Efraim Genuino, Pagcor's chairman and chief executive, said the four companies are committed to investing between US$2 billion (S$2.8 billion) and US$3 billion each in the project.

'We found the project concepts of the four groups most acceptable. We require a certain level of development as well as a minimum investment of US$1 billion for each project,' he told local media.

He said the four groups combined could initially invest between US$7 billion and US$10 billion over the next three to five years. Each group would be required to spend at least US$400 million in the first 21/2 years of development.

Mr Genuino told the Manila Standard Today newspaper that the multibillion-dollar investments would create huge opportunities in terms of employment, taxes and additional business to allied industries such as construction, information technology, food and beverage, hospitality, entertainment and transportation.

One of the project's foreign partners, Aruze, is known worldwide for manufacturing some of the most innovative and technologically advanced gaming machines in the market. It is also known for its well-established ties with Wynn Resorts, a major stockholder of the company in the United States and Macau.

Its concept for the integrated casino resort features a hotel with 2,000 standard rooms and 300 VIP suites, a major oceanarium planned to be the world's largest, theatres and a giant Ferris wheel similar to the London Eye.

The Philippine Daily Inquirer reported that the casino resort is expected to boost foreign tourist arrivals by up to three million annually and generate over 250,000 jobs.

Construction work on the project is expected to start in the third quarter of this year.

Several Asian countries have in recent years announced plans to build integrated resorts in a bid to draw more tourists , including Singapore.

One of the companies investing in the Philippines, Genting Group, is the parent company of Star Cruises, whose subsidiary Resorts World at Sentosa is building one of Singapore's two planned integrated resorts.

AGENCE FRANCE-PRESSE

More casinos in Asia

THE Philippines joins several other countries in Asia in introducing casinos:

• Singapore is scheduled to open its first casino at Marina Bay next year, and another at Sentosa in 2010.

• Thailand is looking to legalise and open casinos within four years, with five being planned for Phuket, Pattaya, Khon Kaen, Hat Yai and Chiang Mai.

• Taiwan is considering legalising casinos. A likely spot is an 11ha beachfront site on Penghu Island, near China.

• A site at Lagoi Bay, Bintan, has been secured by Landmarks, which is partly owned by Genting.

Project partners

THE foreign companies jointly developing the integrated casino with SM Investments Corp of the Philippines are Aruze Corp of Japan, Genting Group of Malaysia and Bloombery Investments of Australia.

The project will form part of the new Manila Bay City development being launched by the state-owned Philippine Amusement and Gaming Corporation.

The companies are committed to investing between US$2 billion (S$2.8 billion) to US$3 billion each in the project.