Bagong Nayong Pilipino Entertainment Complex Soon to Rise
June 30, 2009 by admin
Dubbed as the “New Nayong Pilipino,” an integrated resort with a world class theme park, casinos, hotel, museum, shopping malls, sports arena, coliseum and a sky high tower will soon rise near the SM Mall of Asia complex in Pasay City.
The three main investors in a Philippines casino development have deposited US$300 million – US$100 million each – with Pagcor as assurance of their commitment to the project.
SM Group, Genting Group of Malaysia and Aruze Corp. of Japan are the major investors in the 100-hectare Bagong Nayong Pilipino Entertainment Complex along Manila Bay in Pasay City, and intend to pursue plans to develop the property into the country’s premier entertainment complex.
“We want to be assured they are committed to do the project and push through with their plans,” said Philippine Amusement and Gaming Corp. (Pagcor) chairman Ephraim Genuino.
Initial investments for the project are expected to reach US$6 billion.
About 100 hectares of the 120-hectare track of the Pagcor property are already allotted to these three developers.
Genuino said SM would kick off construction in 60 days with the fencing of the property that it was going to develop.
The first phase of the three-phased development is expected to be completed in two to three years. It will include hotels, sports arena, museum, world class theme park, and an oceanarium.
Genuino is trying to allay the fears and opposition from some sectors that Pagcor is turning the massive development into a version of Macau-Las Vegas gambling fame.
“Only three per cent of the entire development along the Manila Bay is related to gaming and casinos,” he said. The Genting Group would be the developer for the casino and gaming portion.
The larger chunk of the complex would be composed of tourism, entertainment and leisure, and sports facilities.
Included in the new entertainment complex is the already-developed section spanning about 300 hectares that contains the sprawling Mall of Asia complex.
The government has been constantly pushing for the development of the Bagong Nayong Pilipino Entertainment City, which Genuino said would create about 200,000 jobs.
The original Nayong Pilipino located near the airport had been closed. It used to showcase the country’s pride including famous tourist spots with a touch of history and culture.
Genuino said there were some new foreign operators that had expressed an interest to put additional investment into the complex.
He said these three foreign groups – American, European and Korean – all had existing gaming operations elsewhere and were currently being investigated and assessed by Pagcor to determine if they could also take part in the development of Pagcor City. He did not give further details.
Among the requirements to be part of the Pagcor City development were a minimum investment of US$1 billion towards the investor’s intended projects which should be completed in five years and the submission of a concept plan and design.
It would take between three to six months before Pagcor could then determine if these potential new investors could participate, Genuino said.
Source: Trading Markets
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