The Philippine Amusement and Gaming Corporation or most commonly known as PAGCOR would already push- through of constructing their $10 billion worth project, the Entertainment City on Manila Bay. It is said that they would start constructing the venture in the first quarter of 2009. Also, as a result of this project, PAGCOR anticipate its revenue to double, making it around $1.3 billion by 2012. The Entertainment City would include hotels, convention centers, theaters, sports stadiums, restaurants, shopping centers, cultural complexes, museums and amusement parks. This implies on how would the project be flexible in terms of catering to various types of customers. PAGCOR also welcomed several investors to join them such as Genting Berhad Group and Star Cruises of Malaysia, Alliance Global Inc. of the Philippines, and the Aruze Group of Japan. SM Investments Corporation is in the process of completing its requirement as well to be able to join with the said project.
With this kind of advancement, it seems that PAGCOR as well as the other joining corporations are not affected by the financial crisis. They are still capable of putting out cash as an investment for this project. Conversely, I feel that the foreign investors trust PAGCOR and our country that they would make use of the money they invested in a good way, in the end, they would all take part in having their own share of revenue. On the other hand, this project would also give our country’s tourism sector good news since this would be a tourist attraction, thus, being able to bring more tourists here in our country and having the time to discover more about the Entertainment City and other destinations as well. I just hope that this project would be profitable and successful in the long run. It is not always too late to be able to make our country also known with this kind of leisure interests.
3 comments:
This would certainly attract a new breed of tourists. The entertainment city would be something different from the natural wonders that we pride ourselves of. For sure a number controversies would hit this project but as I see it, there would be more benefits than consequences when it pushes through.
This project would certainly attract more tourists and would create also job opportunities for people. However, this kind of business won't escape from criticisms but as long as they are doing the right thing I don't think that this project should be stopped.
I also noticed that our country doesn’t seem to be affected by the financial crises. Even if we are having a recession, this project would be able to provide more employment especially for those who lost their jobs in other countries. There is nothing wrong with being known as a gambling city because these casinos generate a lot of income and attract tourists like in Las Vegas and Macau.
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