Pursuing the Bay of Dreams

Any bets that there will be a major announcement from Pagcor Chairman Efraim Genuino this week? 

Big wigs in the gaming industry are arriving in Manila for a conference and exhibition. Genuino’s dream is to establish E-City, a gambling-cum-enterntainment complex  on reclaimed property in Manila Bay that would rival Las Vegas and Macau. He had earlier been stymied from pursuing it because Pagcor’s charter was expiring in 2008. Last month’s Congress renewed the charter, removing an obstacle in developing E-City.  

Recognizing the synergies created by a strong combination of tourism, entertainment and gaming, Pagcor is actively involved in soliciting offers from potential foreign investors and locators in the planned P15-billion development complex on the 300-hectare Manila Bay property.

Initially, the proposed tourism investment zone will dwell on a tropical resort setting. It will be marketed as E-City Manila (E for Entertainment), and will be positioned as the hub of gaming, entertainment and tourism in Asia.

Chairman Genuino, I understand, had been in exploratory talks with several possible business interests as early as 2005. Genuino is confident that the impasse created by the issue of Pagcor’s expiring franchise is finally out of the way and that discussions are moving forward on firmer ground.

There should also be some substantial agreements during the 2nd meeting of the Euro-Asian Cooperation on Gaming on March 21 at the New Hyatt in Manila which would be attended by prominent gaming complex owners, operators and gaming suppliers based and/or operating in Asia and Europe.