Macau has its Cotai Strip. Singapore has its two multibillion-dollar integrated resorts. Now Manila will get into the game with a multi-casino project on Manila Bay. Some had doubted whether the project, announced last year, would ever get off the ground. But last month the Philippine Amusement & Gaming Corporation (PAGCOR) announced that it will break ground early next year.

“We expect to begin construction of the project by first quarter of next year. The project will then take about five years to complete,” said PAGCOR President Rafael “Butch” Francisco.

Called “Entertainment City,” the project received final OK from the local government of Paranaque for tourism ecozone status. It was the final approval necessary for the project. It will be partially funded by PAGCOR, but most of the $15 billion price tag will come from operators of the hotels, casinos, theme parks, shopping malls and other recreational activities planned for the site. The 150-hectare (370-acre) site will host at least four integrated resorts.

Three prospective operators—Malaysia’s Genting International, in partnership with local real estate developer Andrew Tan; Japan’s Aruze Corp.; and Philippine retailing company SM Investments, with a site adjacent to the company’s giant Mall of Asia—are scheduled to break ground early next year with the first phases set to open in late 2010. The full build-out could take up to 10 years, however.

Several other operators have looked and passed for the time being, including Australia’s Crown Casinos, along with Wynn Resorts and MGM Mirage from the U.S.

The project will be a big boost for the Manila economy, says Francisco.

“This project will result in about 400,000 jobs, including the multiplier effect it will have on contractors, cement producers and other establishments to be built around the Entertainment City,” he said.

PAGCOR has had to battle a Philippine reputation for corruption and red tape, but so far, the process has been transparent. As the country’s regulator, as well as the operator, PAGCOR seems to understand the gaming equation from both sides of the fence.

“We want our investors to be comfortable, and above all make money here,” said Francisco.

Like other existing and prospective Asian gaming destinations, the Philippines is looking to increase tourism. In addition to the competition from Macau and Singapore, the Phillipines will go head-to-head for visitors with Vietnam, Taiwan, Thailand and Cambodia.

By GGB Staff

Staff writers for Global Gaming Business magazine. Las Vegas, Nevada.