RP to cash in on Asian gambling industry

RP to cash in on Asian gambling industry

Associated Press, Singapore

The Philippines said it would speed up an ambitious S$15 billion casino and entertainment project on Manila Bay as it bids for a slice of Asia's booming gambling industry, the president of the Philippines Amusement and Gaming Corporation said on Wednesday.

Rafael Francisco said the Roxas Boulevard project - which has yet to receive government approval - was his country's answer to other potential projects likely to be announced in Thailand and Singapore by the end of the year.

"We're playing catch-up. Even though Singapore's project hasn't been announced yet, they are attracting immense interest," said Francisco of Asia's S$8 billion annual casino turnover.

"This is an integrated development that will relocate our Manila gaming facilities in one concentrated area," said Francisco on the sidelines of an Asian Casino Expo in Singapore, adding that the project was likely to take three to five years.

His company, also known as PAGCOR, runs all 16 casinos throughout the Philippines and registered record revenue of 5.41 billion pesos ($$96 million) in the January to March 2004 quarter.

Francisco acknowledged the casino project would likely be opposed by certain religious groups but said it was likely to be approved by President Gloria Arroyo as she knew of the "tremendous benefits" of such a project.

PAGCOR's gaming license expires in 2008 but Francisco said it would apply for an early 25-year extension in order to begin the Roxas project.

The 65-hectare project would have at least three casinos, a theme park, hotels, shopping malls and condominiums. Francisco said several Las Vegas casino owners have indicated interest but declined to reveal them or the source of funds for the investment.