ENTERTAINMENT CITY MANILA
Written by: Snap Montemayor Edited by: Mary Anne Conde
High-stakes pokers players have a saying: “You need to know when to hold and when to fold.” This could also be used to describe Efraim C. Genuino, the chairman and CEO of the Philippine Amusement and Gaming Corporation (PAGCOR).
Some would say that his idea for building a fully-integrated entertainment and leisure complex on 120-hectares of reclaimed land in the Manila Bay area is too much of a gamble.
But for Genuino, whose innate business acumen and foresight has served him well in almost a decade of managing the state-run gaming firm, is trusting his instincts that his Bagong Nayong Pilipino-Entertainment City Manila project may be the economic miracle that the Philippines has been waiting for.
“This project represents a shift [for Pagcor] from gaming to entertainment,” Genuino told reporters during the Asian Gaming and Entertainment plus Leisure Expo Manila held earlier this year.
Since he took over the helm of the state-owned gaming firm in 2001, the PAGCOR chief has relentlessly campaigned for the Entertainment City, which could be described as a world-class playground to entice tourists from all corners of the world.
Among its prime components will be theme parks, casinos, colossal shopping centers, a convention center, theaters, 6-star hotels, a marina, ocean park, museums, a racetrack, a transport system that links to the NAIA airport, and one of the tallest observation towers to be built in the world.
“Long before Las Vegas entered Macau and long before Singapore began thinking about integrated resorts, the Philippines was the first to envision such a project. Our country’s advantage over all others is our strategic location. We are only between one to four hours away from key cities in Asia. This provides a huge potential market for the Philippines,” he said.
Genuino culled inspiration from the success of similar gaming destinations like Las Vegas and Macau, but he has always aspired for something better – one that can surpass other integrated resort developments overseas.
“I have envisioned Entertainment City not only as a tourism-generating project. It will drive progress at all fronts – from employment, construction, information technology, F&B, hospitality, entertainment, and transportation, among other tourism and gaming-related ventures,” he said.
The celebrated groundbreaking in April 2008 jumpstarted the first phase of Entertainment City. Investors from Aruze Corporation of Japan, Genting Berhad of Malaysia as well as local companies Alliance Global and and SM Investments Corp. have officially joined Genuino as partners who share his vision.
“Our project will rely on the concept of a consortium between international industry players, to come up with premier entertainment that would appeal to everyone. After all, the world is a global village and the more options for travelers, the better for the competition to improve its standards,” he added.
Upon completion, the project is expected to boost tourist arrivals in the country to over three million annually, while generating at least 250,000 new jobs and dramatically increasing government revenues.
Samie Lim, president of the Philippine Chamber of Commerce and Industry (PCCI) shared: “PAGCOR will be a winner and will make so much from the project; it’s good for the country and the economic value that it will bring in.”
“Investing in tourism,” according to Lim, “will have a strong multiplier effect.”
Meanwhile, Ace Durano, the Philippines’ young and dynamic Secretary of Tourism echoed this sentiment: “We have set a target of 5 million tourist arrivals by 2010, and with projects like Entertainment City, this figure should be attainable.”
Genuino noted that the Philippines stand to gain substantial tourism revenues by taking an active role in the global gaming industry. In fact, he said that this project is just the beginning.
With construction at the Entertainment City ready to begin anytime in the next few months, Genuino is assured that his legacy for PAGCOR and the rest of the Philippines is already in place.
