Updated July 16, 2009 12:00 AM [ philstar.com ]
MANILA, Philippines - Despite fears of recession in many parts of the globe, Philippine Amusement and Gaming Corp. chairman and CEO Efraim C. Genuino expressed optimism yesterday that the approved concepts for the Bagong Nayong Pilipino-Entertainment City Manila will propel the country to strengthen its economic potential and reverse the effects of the economic downturn.
Genuino said the concept of an integrated resort that will cater to the needs of different tourists from all over the world has earned the confidence of both local and foreign investors to bank on the Entertainment City Manila project. The PAGCOR chief is confident that this project is guaranteed to be a success given that the Philippines is strategically positioned within a four-hour radius of some of the wealthiest nations in the world.
“Long before Singapore even thought of integrated resorts, the Philippines was the first to envision an entertainment and leisure complex across Manila Bay,” Genuino said.
Set to rise on 120 hectares of prime reclaimed land along the Manila Bay area, the estimated $15-billion dollar entertainment and leisure complex will feature a complete range of world-class amenities for people of all ages.
Three of the project’s major investors, the Aruze Corp. of Japan, a leading gaming machine maker; Philippine mall giant SM Investments Corp.; and the Genting Berhad Group of Malaysia – together with subsidiary, Star Cruises and partner local property giant Alliance Global had their proposals approved by PAGCOR.
The Aruze Corp. is set to invest some $2.5 billion to build a 2,000-room, 300 suite casino hotel room, upscale retail opportunities, restaurants, a theater, world-class aquarium, and an equivalent of the famous giant London Eye Ferris Wheel to be dubbed the “Manila Eye.”
The Genting Berhad Group and its subsidiary Star Cruises plan to build several hotels with a minimum capacity of 2,000 rooms, a world-class theme park and a museum, plus a tower that will be among the tallest in the world.
Meanwhile, SM Investments Corp., headed by Teresita Sy-Coson proposes to erect a major luxury hotel with world-class gaming amenities to be built at their Mall of Asia Complex, which joins part of the Entertainment City.
These giant corporations, according to Genuino have initially deposited at least $1 million to jumpstart the first phase of construction of the Entertainment City this year.
“This will be the country’s biggest tourism development project ever, the biggest job-generating project of the government, and the biggest dollar investment of the country,” Genuino said.
“We are all set to make this dream a reality because we know that the Philippines has so much potential to spring into a world-class destination,” he added.
Aside from billions of dollars worth of revenues for the government in terms of direct foreign investments, lease payments, taxes and tourism receipts, the project is expected to pump-prime locally-based industries, particularly construction, information technology, F&B, hospitality, entertainment, transportation and others.
The project also hopes to generate at least 450,000 jobs for local workers. On top of this, Genuino is pushing the proposal of having salaries paid out in US dollars so that Filipinos can earn competitively without leaving their families behind.
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