Inside Asian Gaming

INSIDE ASIAN GAMING | September 2011 62 in operating resources, Mr Naguiat fully expects to track strong growth throughout the rest of the year and beyond. And it is not just PAGCOR that has been riding the wave. Resorts World Manila (RWM), the first licensee to open an integrated resort across from Terminal 3 of the Manila International Airport, has been enjoying substantial revenue growth since its 2009 opening. In the first seven months of 2011 alone, RWM earned nearly the same level of revenues that it did for the whole of 2010. Licensees PAGCOR takes strong exception to the insinuation that the Thunderbird issue is a “precedent so that it could tear up its existing revenue share agreement with ResortsWorld Manila”. This is malicious and grossly unfair. PAGCOR and four of its licensees (which includes RWM) are actively engaged to bring to fruitionby 2014 Entertainment CityManila (ECM), a master planned complex to be comprised of four integrated resorts within more than a hundred hectares of prime seaside property along the famed Manila Bay. To avoid ambiguous interpretations of the broad provisions of the licences granted to each proponent, PAGCOR recently released a set of guidelines to clearly establish development prerequisites to casino opening. PAGCOR’s efforts to lay down clear rules for the casinos at ECM have been welcomed by industry analysts as well as by the proponents themselves. Operator vs. Regulator PAGCOR does not hide its dual role as an operator of 13 casinos nationwide on one hand, and as a government agency authorised to issue casino and other gaming licences to private sector proponents on the other. In spite of this dichotomy, PAGCOR is deliberately and consciously keeping its regulatory role distinct and insulated from its operating personality. There are clear internal delineations between units exclusively dedicated to the regulatory side and the operating units. It is PAGCOR’s intention to further strengthen the ‘Chinese wall’ to maintain the integrity and independence of the regulatory units and prevent potential conflicts of interest. Conclusion PAGCOR prides itself in upholding the highest standards of professionalism and competence in the gaming industry. It is actively pursuing initiatives to improve the local regulatory environment and will not be cowed by isolated actions such as the ones being orchestrated by Thunderbird. By and large, the gaming industry in the Philippines continues to be a bright spot for investment and PAGCOR is determined to position the Philippines as a preferred gaming destination in the region within the next five years. This article was contributed by the Philippine Amusement and Gaming Corporation (PAGCOR). It is in response to Inside Asian Gaming ’s July 2011 story ‘Ball of Confusion’ reporting on a legal dispute between Thunderbird Resorts and PAGCOR. Gaining traction—PAGCOR is successfully building the Philippines’ gaming revenues year on year, says the regulator Bright future—Entertainment City Manila will be a big draw for players and investors alike says PAGCOR PAGCOR