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Pagcor eyes $20-B casino complex like Las Vegas


(Update 2) State-owned Philippine Amusement and Gaming Corp. is planning to set up a $15 billion to $20 billion gaming and entertainment complex in the country which will be funded by foreign investments, a company official said Wednesday. The development will be dubbed "Pagcor City" and will sit on 800 hectares of reclaimed land along Manila Bay. "The project is a shift for gaming into entertainment. We will form a Las Vegas in the Philippines," Pagcor chairman and CEO Ephraim Genuino told reporters during a press briefing. Genuino said investors from Japan, Europe, the United States and South Korea have already signified interest to finance the venture. He said 90 percent of the funds for the project will come from foreign investors. The Japanese investors, the official said, are interested in developing a retirement village within the area for the rapidly expanding Japanese retiree market. "Pagcor City" is expected to be finished within 2 years. Construction of the first phase, which will include a resort, hotels, and a theme park, starts this year. The project has three phases all in all. Genuino said Pagcor is not expecting the Catholic Bishops Conference of the Philippines to oppose the development because the state-owned gaming agency has helped with many of the Church's programs. “The Church will understand it because we have been contributing a lot to their social projects," the Pagcor official said. Genuino also said the entertainment and tourism offerings of "Pagcor City" may make it more acceptable to the Church.-GMANews.TV
Tags: Pagcor, gaming, casino
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