RP to cash in on Asian gambling industry<\/p>\n
Associated Press, Singapore<\/p>\n
The Philippines said it would speed up an ambitious S$15
\nbillion casino and entertainment project on Manila Bay as it bids
\nfor a slice of Asia's booming gambling industry, the president of
\nthe Philippines Amusement and Gaming Corporation said on
\nWednesday.<\/p>\n
Rafael Francisco said the Roxas Boulevard project - which has
\nyet to receive government approval - was his country's answer to
\nother potential projects likely to be announced in Thailand and
\nSingapore by the end of the year.<\/p>\n
"We're playing catch-up. Even though Singapore's project
\nhasn't been announced yet, they are attracting immense interest,"
\nsaid Francisco of Asia's S$8 billion annual casino turnover.<\/p>\n
"This is an integrated development that will relocate our
\nManila gaming facilities in one concentrated area," said
\nFrancisco on the sidelines of an Asian Casino Expo in Singapore,
\nadding that the project was likely to take three to five years.<\/p>\n
His company, also known as PAGCOR, runs all 16 casinos
\nthroughout the Philippines and registered record revenue of 5.41
\nbillion pesos ($$96 million) in the January to March 2004
\nquarter.<\/p>\n
Francisco acknowledged the casino project would likely be
\nopposed by certain religious groups but said it was likely to be
\napproved by President Gloria Arroyo as she knew of the
\n"tremendous benefits" of such a project.<\/p>\n
PAGCOR's gaming license expires in 2008 but Francisco said it
\nwould apply for an early 25-year extension in order to begin the
\nRoxas project.<\/p>\n
The 65-hectare project would have at least three casinos, a
\ntheme park, hotels, shopping malls and condominiums. Francisco
\nsaid several Las Vegas casino owners have indicated interest but
\ndeclined to reveal them or the source of funds for the
\ninvestment.<\/p>",
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