MANILA, Philippines – More than 200,000 jobs will be created from April to June as construction for resorts, hotels and restaurants in the PAGCOR (Philippine Amusement and Gaming Corp.) City will be in full swing during the second quarter.
In an interview, PAGCOR chairman and CEO Ephraim C. Genuino said construction will begin in the second quarter and employment created by investments in the PAGCOR City is estimated to exceed 200,000.
At the same time, Genuino announced that they are negotiating with three multinational firms that will bring in a minimum of $3 billion worth of new investments in the Las Vegas type city before the end of the year.
Genuino said he doesn’t know exactly how much these firms will put in the country but the minimum investment in the PAGCOR City is $1 billion. This means that the investment would be more than $3 billion.
He added that the new investments will bring in more jobs to the country.
Genuino refused to divulge who the new investors are saying only that they are from Europe, the United States and Korea. “These firms have global personalities,” he noted.
He said PAGCOR is in the process of reviewing the investment proposals. He said the study is expected to be completed within two to three months and the investment will hopefully come in before 2010.
He said investments for the PAGCOR City has deviated from amusement and has instead shifted to tourist attractions the entire family can enjoy. “Only three percent of the entire investments are geared towards gaming. Majority are tourist attractions.”
The Genting group of Malaysia and the Azure group, the Japanese partner of casino mogul Steve Wynn, each of which would be spending at least $3 billion, are the first two investors in the PAGCOR City.
The other is the investment of mall tycoon Henry Sy’s SM Investment Corp. The company is in talks with a US-based casino operator and is considering developing a one -1.2 hectare casino facility at an estimated cost of P2 billion to be rented to casino operators.
Earlier, Genuino said $20 billion would be spent in putting up the Entertainment City. The complex will be built in three phases on an 800 hectares of reclaimed land. The first phase will host a hotel-resort and theme park. The next two phases will have retirement villages and entertainment centers.–Ma. Elisa P. Osorio, Philippine Star