The state-owned Philippine Amusement and Gaming Corporation (PAGCOR) has a mandate to regulate all games of chance sanctioned in the country, but the charter is due to expire in 2008. Agreement has been reached in the House of Representatives to extend the charter for a further 25 years if ratified by the Senate. PAGCOR has promised that if the charter is approved this year then it can ensure at least US$3 billion in gaming investments.

The chairman of PAGCOR, Efraim Genuino, has been speaking at Asia’s Gaming and Entertainment Leisure Expo in Manila. According to the chairman, four foreign investors were interested in developing a casino complex on reclaimed land along Roxas Boulevard, and two investors interested in a similar project in the Clark Special Economic Zone to the north of Manila. No details were given other than that one of the prospective investors for Roxas Boulevard was an American group and there was a European investor interested in Clark.

Asia’s GEM expo, for the first time in the Philippines, is presented by PAGCOR and held at the World Trade Center. Organizers Asian Gem & Tourism Foundation, Inc. have offered a fresh look at the gaming industry with a conference on topics that ‘synergize gaming, tourism, and entertainment’. Valuable marketing insight was made available on the different aspects of selling in Asian countries, several of which may consider licensing casinos in the future. The Asian gaming market is expected to grow 20% next year.
(E-02.23.06)

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