93
performance in the past eight years.’ operational prior to casino operation.
PAGCOR has doubled its income in the There is a 60/40 Filipino citizenship
past eight years. requirement for applicants who own the
land on which the project will be built.
The Manila Bay Applicants who do not own the land may
Integrated City be 100 percent foreign owned. These ap-
Foreign investors wishing to pursue a ca- plicants must lease the land from PAG-
sino development as part of the Manila COR. This lease period will be for 25
Bay Integrated City Development must years with the option to renew for a fur-
apply to PAGCOR for a license. The ther 25 years.
number of licenses granted will be flex- The 60/40 requirement prevents for-
ible. No sub licenses can be issued by eign citizens from having a majority eq-
licensees. uity stake in the venture and this is obvi-
Each application must be accom- ously a key issue for potential investors.
panied by a US$50,000 non-refundable
license fee. Applicants must have the req- The Resorts World Manila
uisite financial capability as well as estab- The Philippines launched a new gam-
lished experience in the hotel and gaming ing facility on August 28, 2009. The
business. In addition, there is a minimum ‘Resorts World Manila’ is presented by
investment requirement of US$ 1bn con- PAGCOR as a prelude of the forthcom-
sisting of both equity and debt. ing Entertainment City in Manila.
In late 2007 the original Terms of According to Star Cruises’ press
Reference were published by PAGCOR release of August 30 2009: ‘this project
outlining the basic conditions for in- the casino to be developed within 2.5 marks the placing of the Philippines in
vesting and obtaining a license in the years of PAGCOR’S approval of the the fast expanding tourism pie in the
project. These terms of reference gave a project. The conditions now state that leisure, entertainment and hospitality
2.5 year time period for the first phase ‘a minimum of 40 percent of the total in the region’. It is ‘a reflection of PAG-
completion of casino. project cost must be invested within 2 COR’s vision in boosting the country’s
These terms of reference were re- years from site delivery (for PAGCOR- tourism industry and in employment
cently amended and the same provision owned land) or from the date of signing creation’.
has now removed this requirement for the provisional license’. A hotel must be The new gaming facility is located
March 2010
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