By Marianne V. Go
Friday, October 24, 2008 [ philstar.com ]
The Clark Development Corp. (CDC) is giving Waterfront Philippines, Inc. a second chance to reach a settlement with the Philippine Amusement and Gaming Corp. (Pagcor) regarding the payment of the P350 million unpaid debt of Mondragon Leisure Resorts Corp.
In an interview with a select group of reporters, CDC president and chief executive officer Benigno Ricafort said that the CDC would be willing to go ahead with the award of the operation of Mimosa Leisure Estates to WPI if the Gatchalian-owned firm is able to settle its dispute with Pagcor within a “reasonably short time.”
CDC had cancelled the results of a second bidding process conducted last July 14 this year, following WPI’s refusal to pay the outstanding P350 million obligation of Mondragon to Pagcor.
Pagcor, for its part, is insisting on the repayment of the P350 million by the winning bidder as a precondition to the grant of a gaming license to the winning bidder for Mimosa.
A gaming license from Pagcor is crucial to the profitable operation of the 202 hectare leisure estate.
If WPI is not able to secure an agreement with Pagcor, Ricafort said, the CDC would continue to operate the resort, casino and golf course on its own.
The CDC would then have to revise the bidding terms of reference anew and ensure that the future wining bidder would be willing to settle the outstanding obligation with Pagcor.
Thus, no immediate third bidding would be scheduled if WPI and Pagcor are not able to settle their difference.
