Inside Asian Gaming

inside asian gaming April 2015 12 As Manila’s Entertainment City spurs growth and regulatory challenges, Pagcor chairman Cristino Naguiat wants all sides to profit Insights P agcor Chairman and CEO Cristino Naguiat isn’t a man of many words. But he doesn’t need to be. The progress of Pagcor—the Philippine Gaming and Amusement Corporation—speaks for itself since President Benigno Aquino handpicked Mr Naguiat for the top job in July 2010. A former Pagcor auditor before serving as a hospital chief executive, Mr Naguiat has to balance Pagcor’s diverse roles as gaming regulator, casino operator, government revenue generator and driving force behind Entertainment City, a master-planned district in Manila Bay that’s developing into the Philippine Gaming’s Guiding Light largest cluster of integrated resorts between Macau and Las Vegas. Though Entertainment City was conceived under Mr Naguiat’s predecessors, his administration has made it a reality. In February, City of Dreams Manila held its grand opening as the second resort in Entertainment City. The first was Solaire Resort and Casino, a US$1.2 billion project spearheaded by Philippine ports billionaire Enrique Razon Jr, which opened in March 2013 at the 120 hectare (300 acre) district that will also include commercial and residential developments. City of Dreams Manila brings Macau casino operator Melco Crown Entertainment to the Philippines. Working in partnership with SM Group, controlled by Henry Sy, the Philippines’ richest man, Melco Crown increased its investment in the $1.3 billion project and took over operations after Pagcor reinterpreted its terms of reference for licensees’ projects, basing its allocation of gaming tables and machines on total size of lodging areas as well as number of rooms. That revision increased the resort’s permitted number of tables by 50% to 384 and more than doubled the number of electronic gaming positions. The Resorts World Bayshore City project, scheduled to open From left: Philippine President Benigno Aquino, Solaire Chairman and CEO Enrique Razon, PAGCOR Chairman and CEO Cristino Naguiat, Jr and Paranaque City Mayor Florencio Bernabe lead the formal opening of Solaire Resort and Casino at Entertainment City on 16th March, 2013.