The Philippine Amusement and Gaming Corp. (PAGCOR) revealed plans to modernize state-owned casino facilities in preparation for their privatization by 2026.
Speaking during the Inside Asian Gaming Academy Summit 2024 at Newport World Resorts on Sept. 10 to 11, 2024, Tengco also discussed the gaming regulator’s plans to further stimulate the local industry by lowering the license fees charged to operators to be in line with global industry standards.
Industry titans converged at the Newport World Resorts for Inside Asian Gaming Academy Summit 2024 which gathered the biggest names in the integrated resort industry—from regulators and operators to suppliers and developers—across the entire Asia Pacific region for the two-day event organized by the Inside Asian Gaming magazine.
The event featured a two-day conference for industry leaders and professionals with insightful panel discussions on key issues and developments in various integrated resort jurisdictions; and the IR Academy Awards that honored the industry’s best.
Newport World Resorts executive chairman Kevin Tan, who is also the chief executive of Alliance Global Group Inc. (AGI), bared the group’s plans to expand its own integrated resorts’ footprint in the country by adding boutique developments in key properties within the conglomerate’s long list of townships.
Tan announced during the event the $400-million development within the Mactan Newtown Township in Cebu and another $300-million investment in the Newcoast Township in Boracay.
Established as the pioneer integrated resort in the Philippines in 2009, Newport World Resorts has the highest hotel room key count in a single property with five international hotel brands, Marriot Hotel Manila, Sheraton Manila Hotel, Hotel Okura Manila, Hilton Hotel Manila and Holiday Inn Express Manila-Newport City.
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