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STATE-RUN Philippine Amusement and Gaming Corp. (Pagcor) has amassed
huge investment commitments from some of the region’s biggest
leisure and resort players for a project along Manila Bay by this
quarter.
On the sidelines of a gaming expo, Efraim
Genuino, Pagcor president, told reporters that local and foreign
firms would invest $8 billion in the 105-hectare The Bagong Nayong
Pilipino-Manila Bay Integrated Tourism City.
The Pagcor official said the biggest investors
would be the Genting group of Malaysia and the Azure group, the
Japanese partner of casino mogul Steve Wynn, each of which would be
spending at least $3 billion.
Both groups aim to start construction by this
quarter after the 30- to 60-day wait for securing approvals and
licenses. Genuino said the investors plan to open the facilities to
the public within two years from now.
Based on proposals submitted to the gaming
regulator, the Genting group is planning to put up a theme park,
possibly Universal Studios, over a 35-hectare area it would lease
from the government. The Malaysian investor is the franchise holder
of Universal Studios theme parks in Asia, one of which is under
construction in Singapore. Genting International is also pouring
about six billion Singapore dollars into an integrated resort on
Sentosa Island.
As for the Japanese group, it plans to build the
country’s biggest Ferris wheel dubbed as the “Manila Eye”
similar to that of London within a 40-hectare expanse in the Manila
Bay project area. Azure also proposed the construction of a sports
arena, a theater, a museum that would host religious icons, and a
2,500-room hotel and casino. Azure is planning to trump the existing
Manila Ocean Park by building the country’s biggest
“oceanarium” within its resort complex.
Through an interpreter, Kazuo Okada, Azure group
chairman, told reporters that the concept is still up for approval
by the government with various licenses and zoning permits yet to be
secured.
Besides Genting and Azure, an Australian group
plans to lease 15 hectares and inject $1 billion for a project that
would include a resort hotel and entertainment establishments.
Filipinos are also getting into the picture with Alliance Global
Group Inc.’s subsidiary, Travellers International Hotel Group
Inc., and Malaysian partner Star Cruises Ltd. The two would be
investing about $1 billion for a project that will include a theme
park, theaters, amusement and cultural centers, retail and a gaming
centers and hotels.
Tessie Sy-Coson, SM Investments Corp. vice
chairperson, said the company’s commitment to the Manila Bay
initiative involves its investments within the Mall of Asia Complex
where it would be hosting a number of luxury hotels. It recently
engaged hotel services provider Carlson Hotels Worldwide-Asia
Pacific to manage Regent and Radisson branded hotels within the
complex.
Sy-Coson said the complex would be integrated
into the Bagong Nayong Pilipino since “it helps to bring the
tourists here.” She said a casino may be in the works but nothing
is definite.
Over the next five years, the Pagcor project
would have at least 7,000 hotel rooms and employ at least 200,000
Filipinos. Pagcor expects to remit at least 25 percent of the total
revenues generated within the complex to state coffers.
-- Likha C. Cuevas-Miel
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