$10 billion to surpass Vegas?

$10 BILLION is expected to be raked in by 2016 by the Philippine Amusement and Gaming Corporation (Pagcor). The network of casinos comes under “Entertainment City” and it’s been reported that the revenue could surpass Vegas and Singapore.

This was disclosed by Pagcor chairman Cristino Naguiat during the Economic Journalists Association of the Philippines (EJAP)-San Miguel Corporation Business Journalism Seminar held here over the weekend.

“This is easily achievable considering that Singapore’s gaming revenues reached $5.5 billion in 2011 and is targeted to hit $7 billion this year,” he said noting that Singapore has only two integrated resort projects that started operations in 2010.

Around $4 billion is being invested within the resort.  “This is one tenth of the DOT’s (Department of Tourism) tourist arrival target of 10 million by 2016,” Naguiat said adding that Entertainment City will provide direct employment for 40,000.

He emphasised that the resort will also appeal to families and package gaming with tours.

Naguiat said the bidding for the project is slated by next month under its public-private partnership program. Pagcor is aiming to grow its revenues by 25 percent this year to P45 billion from P36 billion in 2011 as it continues to package gaming and tourism to overseas travelers.