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Economic conditions

Philippines Aims to Boost Gaming Industry with PAGCOR Franchise Extension

Strategic Insights

— 1 min read

The Philippine government, led by Senator Richard Gordon, is working to revitalize the country's gaming industry by extending the franchise of the Philippine Amusement and Gaming Corp. (PAGCOR) until 2033, with a proposed special economic tourism zone, Entertainment City Manila, set to be built on prime reclaimed land along Roxas Boulevard and Manila Bay. The project, expected to bring in initial investments of $2 billion to $3 billion, aims to capitalize on the growing global gaming market, where entertainment now accounts for 75% of Nevada's tourism, compared to 25% for gaming. Gordon has vowed to support PAGCOR Chairman Ephraim C. Genuino in pushing the project forward, stating "We need jobs. We need investments. We need foreign exchange. Genuino get it done. I will get your law done."

Key Takeaways:

  • Senator Richard Gordon has vowed to extend the PAGCOR franchise until 2033, citing the need for jobs, investments, and foreign exchange.
  • The proposed Entertainment City Manila project aims to bring in initial investments of $2 billion to $3 billion and features multi-themed complexes with hotels, casinos, shopping malls, entertainment facilities, and sports stadiums.
  • The project is expected to boost the Philippine gaming industry, which has seen a paradigm shift from casino gaming to total entertainment.
  • The Philippine government is targeting foreign investors, particularly those from the United States, Australia, Macau, China, Malaysia, and the Netherlands.
  • The gaming industry in the Philippines faces challenges with the impending expiration of the PAGCOR franchise in 2008 and the need for a favorable business environment.

Statistics:

  • 75% of Nevada's tourism is now focused on entertainment, compared to 25% on gaming.
  • The proposed Entertainment City Manila project aims to bring in initial investments ranging from $2 billion to $3 billion.
  • The Philippine government seeks to extend the PAGCOR franchise until 2033.
  • The country's gaming industry faces a crucial challenge with the impending expiration of the PAGCOR franchise in 2008.
  • Senator Richard Gordon has pledged to support PAGCOR Chairman Ephraim C. Genuino in pushing the Entertainment City Manila project forward.

Sources:

  • "I will get the PAGCOR law done," by Asia Pulse, February 2006.
  • "Asia's GEM-Gaming and Entertainment Plus Leisure Expo 2006" by Asia's Gem and Tourism Foundation and the Philippine Amusement and Gaming Corp. (PAGCOR).
  • Interview with Senator Richard Gordon, February 24, 2006.

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