CLARK FIELD, Pampanga (via Wi-Tribe) – The Philippine Amusement and Gaming Corporation (Pagcor) expects revenues from its 100-hectare Entertainment City to hit $10 billion by 2016 when all four locators start full operations.
This was disclosed by Pagcor chairman Cristino Naguiat during the Economic Journalists Association of the Philippines (EJAP)-San Miguel Corporation Business Journalism Seminar held here over the weekend.
“This is easily achievable considering that Singapore’s gaming revenues reached $5.5 billion in 2011 and is targeted to hit $7 billion this year,” he said noting that Singapore has only two integrated resort projects that started operations in 2010.
With a minimum investment of $4 billion from the four companies developing the integrated resorts, Entertainment City will have a capacity to accommodate a million tourists.
“This is one tenth of the DOT’s (Department of Tourism) tourist arrival target of 10 million by 2016,” Naguiat said adding that Entertainment City will provide direct employment for 40,000.
He said these resorts will target whole families and package gaming with tours for various destinations in the country.
To improve access to Entertainment City, Naguiat said the four locators are putting up a R6-billion fund to finance the construction of a tollway linking it to the three terminals of the Ninoy Aquino International Airport.
Naguiat said the bidding for the project is slated by next month under its public-private partnership program.
Pagcor is aiming to grow its revenues by 25 percent this year to P45 billion from P36 billion in 2011 as it continues to package gaming and tourism to overseas travelers.
Naguiat said the higher revenues will also come on the back of the renegotiation of contracts with licensees and service providers that have resulted in a bigger share of revenues for Pagcor.
Meanwhile, Naguiat said the operation of Entertainment City is seen to affect the revenues of two nearby Pagcor casinos, one in the Heritage Hotel and the other, near the international airport.
He said they are considering closing the Heritage and airport casinos since their lease contracts will expire in 2013 and 2014, respectively.
Naguiat also made an assurance there will be no employee displacement, as they will be absorbed by other casinos. The four locators in Entertainment City will also be hiring a large number of experienced gaming personnel.
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By: James A. Loyola
Source: Manila Bulletin, March 26, 2012
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