The Philippine Amusement and Gaming Corp (Pagcor) is dreaming big these days. The development of the $15 billion Bagong Nayong Pilipino-Entertainment City Manila on initially 90 hectares of reclaimed land on Manila Bay will, according to Pagcor, be the biggest development project in the country and become the biggest employer, with 250,000 jobs created. Pagcor wants the huge entertainment city to rival the gambling resorts of Singapore and Macau.

Chairman and CEO of the state-owned Pagcor, Efraim C Genuino, says that the project marks the company’s shift from a gambling enterprise to a family oriented recreation and entertainment business. “The new city will be Pagcor’s ultimate legacy and contribution to the country’s economic recovery. Through this project, Pagcor aims to become the catalyst for economic growth and national development.”

Four groups have been selected to proceed with the construction of concept approved designs. Aruze Corp. of Japan, the Genting Berhad Group of Malaysia, Bloombury Investments Limited of Australia, and SM Investments Corp. (SMIC) of Taiwan will invest around $1 billion each. The envisaged entertainment city will be developed over ten years and include world-class hotels with a minimum 1500 rooms, convention centres, theatres and cultural centres, sports arenas, museums, amusement parks and arcades, residential villages and shopping malls.

The initial cost is expected to be in the region of $7 billion for the first phase of development. An observation tower is planned that will be the tallest structure of its kind in the world. Genuino anticipates that within five years yearly visitor numbers will be 10 million and that Pagcor’s annual income will be tripled to reach $1.5 billion. A tall order, some would say, but since his appointment in 2001 Genuino has produced record profits for Pagcor and is aiming still higher. (E-06.26.08)

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