PAGCOR approves $500M casino in Cebu

The Philippine Amusement and Gaming Corp. (PAGCOR) on Tuesday said it has approved a $500-million casino in Cebu.

“We have approved a new license in Mactan. They gave us a proposal for a 500-million US dollar complex and this is in Lapu-Lapu City,” Pagcor Chief Andrea N. Domingo told reporters in a press conference in Pasay City.

Domingo said the investor is a Filipino-owned company, but did not elaborate.

“I think they’re gonna start construction this year. Timeline’s about three years (for construction) and five years for the completion,” she said.

The gaming regulator also received an application for a casino in Mandaue, but Pagcor is still studying the matter.

“There’s this Hong Kong-based group that’s interested in that and have purchased the requirement. We’re working very hard on it, because they want to start right away in the reclamation area there,” she said.

Pagcor is eyeing to have a casino in each city or every province.

“I think one per big city or one per big province is enough ... We require a no-objection resolution from the local government unit (LGU). We do not operate anywhere where the LGU has not expressively agreed in writing. We also pay shares to the host city, the host municipality,” Domingo said.

For Metro Manila, Domingo said Pagcor has approved a five-year moratorium to give existing players “breathing space” to grow first before they allow new players to enter the industry.

“In the Manila area we listened to our investors. They gave us a position paper to give breathing space for the market space to mature in the NCR (National Capital Region). So we listened,” she said. — VDS, GMA News