September 11, 2024 | 12:00am
MANILA, Philippines — Tycoon Enrique Razon is expected to open a new casino in Cavite in 2028 as the government banks on the opening of more integrated resorts to boost the local gaming industry.
During the Inside Asian Gaming Summit on Tuesday, Philippine Amusement and Gaming Corp. (PAGCOR) chairman and CEO Alejandro Tengco said the agency is seeing more industry players investing in the Philippines amid the country’s unique selling point as a prime tourism and entertainment destination.
Tengco said at least six integrated resorts, or resort properties that include a hotel with casino and other facilities for retail and dining, will rise over the term of the Marcos administration.
“By 2025, one will be launched in the Entertainment City area, as well as other potential projects in Cebu and Boracay by 2026,” Tengco said.
“Clark, the economic zone in Central Luzon, is also on the radar for a new integrated resort in 2027, followed by another Solaire property resort sometime in the end of 2028,” he said.
In particular, the Solaire Puerto Azul in Cavite will be Razon’s third casino after Solaire in Parañaque and the recently opened $1-billion integrated resort in Quezon City.
Other than the timeline, Tengco has yet to provide specific details on the planned Solaire casino.
“If you will just be in the province, and you’ll set up one, you have to have an investment of at least $300 million,” Tengco said.
In April last year, Razon’s Bloomberry Resorts Corp. inked an agreement with a group of land sellers in Cavite to acquire a property for the development of the casino.
Apart from Solaire Puerto Azul, the Westside City Project by Suntrust Resort Holdings Inc. is about to be finished and will open next year.
Two integrated resorts are also expected in Boracay by 2026.
“We also have Lapu-Lapu City in Mactan. They have big tracks of land. Then we’re looking at expansions in Clark,” Tengco said.
“We don’t know yet how big these are. But definitely, these will generate thousands of opportunities for employment,” he said.
During the summit, the PAGCOR chief maintained that the growth of the country’s gaming industry is anchored on three major factors including the entry and operation of more integrated resort casinos in the Philippines.
PAGCOR is also banking on the sustained strong performance of the electronic gaming sector, as well as the potential benefits from the privatization of its casinos in the future.
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