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Home News Top Stories $15-B Pagcor casino complex gets off the ground
$15-B Pagcor casino complex gets off the ground
Sunday, 06 April 2008 10:32
{mosimage}The Philippine Amusement and Gaming Corp. (Pagcor) has resurrected a plan hatched in the 1990s to put up a Las Vegas-style casino and tourism complex by Manila Bay.

When it was originally unveiled last year as the $20-billion “Pagcor Entertainment City,” it was met by considerable opposition from various values-driven organizations. The Catholic Church was a perennial critic.

For the ground-breaking rites Thursday, Pagcor invited three retired Catholic bishops and the founder of an “interfaith” group to grace the occasion.

Bishop Emeritus of Calbayog Maximiano Cruz led the prayer, assisted by former Malolos Bishop Cirilo Almario and former Imus Bishop Manuel Sobreviñas.

Last year, Pagcor chair Efraim Genuino expressed confidence the Pagcor City project would not encounter opposition, even from the influential Catholic Church.

“For us to hurdle opposition to gaming, we will follow Las Vegas,” he had said. “I think the Church will understand. We are the biggest income generator for the government and I think the Church will be mature enough to understand that.”

The value of the project launched Thursday was scaled down to $15 billion, according to the state gaming firm. Renamed “Bagong Nayong Pilipino-Manila Bay Integrated City,” the project brings together investors from Japan, Malaysia, the British Virgin Islands and local firms.

“Once built, the project will create over 250,000 jobs, becoming the biggest job-generating program of the government,” Genuino said during the ceremonies on a 90-hectare lot adjacent to the SM Mall of Asia in the reclamation area off Manila Bay in Parañaque City.

Asked about the Catholic Bishops’ Conference of the Philippines’ well-established opposition to the gaming industry, Cruz said the role of the Church should be “to shepherd its flock” and “not to compete with the state in governing.”

Blessing of the Lord

“The Church will not oppose any new project as long as it has the blessing of the Lord,” Cruz said.

Also conspicuous at the event was the founder of the interfaith Apostolic Catholic Church, Patriarch John Florentine Teruel, along with about 50 of his followers dressed in white robes.

In an interview, Teruel said the project would be beneficial to the people, especially if a portion of what the government earned would be donated to the poor.

He also denied that his presence was because of any financial support provided by Pagcor to his church.

“Not even a cent,” Teruel said.

Others present during the occasion were Speaker Prospero Nograles, Sen. Juan Ponce Enrile, Rep. Ed Zialcita, Parañaque Mayor Jun Bernabe, Public Estates Authority chair Andrea Domingo, SM Investments head Tessie Sy, Andrew Tan of Alliance Global and former first lady Imelda Marcos.

6-star hotels, parks

Pagcor said that Japan-based Aruze Corp., Malaysia’s Genting Berhad Group, Bloombury Investments Ltd. of the British Virgin Islands and SM Investments Corp. had gotten its approval to join the project.

As the country’s sole gaming regulator, Pagcor will oversee development of the project.

“When completed, it is expected to boost tourist arrivals in the country to over three million annually, generate over 250,000 new jobs and dramatically increase government earnings,” Pagcor said in a statement.

The complex will have six-star hotels, gaming facilities, malls, museums, cultural centers, sports arenas, residential villages and theme parks.


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