The Vice Chairman of City of Dreams Manila partner Belle Corp, Willy N Ocier, has called for Philippines gaming regulator PAGCOR to limit the number of casino operators in the Entertainment City precinct in Parañaque to the original four, rallying against the possible addition of Landing International Development Ltd as a fifth licensee.
Landing is currently awaiting the findings of a government-ordered investigation into a 50-year land lease deal it signed with its local partner, Nayong Pilipino Foundation, to build a US$1.5 billion integrated resort in Entertainment City on a site directly between Bloomberry Resorts’ Solaire Resort & Casino and Universal Entertainment’s Okada Manila.
Melco Resorts and Belle Corp hold the third license for City of Dreams Manila while Travellers International Hotel Group, the joint venture between Genting Hong Kong and Alliance Global Group that operates Resorts World Manila, is building Westside City Resorts World, due to open in Entertainment City in 2020.
Speaking to Business Mirror this week, Ocier said PAGCOR needed more time to assess operations once the current four were fully operational before considering the addition of a fifth.
“PAGCOR will still need to assess the market only after Okada and Resorts World have completed their projects and operate at full ramp up,” he said.
“That will take at least six more years from now.”
IAG has been told that Bloomberry is also pushing against the Landing development.
According to COL Financial Group Inc Vice President, April Lynn C Tan, investors are “a little bit worried” about the prospect of a fifth operator in Entertainment City, however, “I think the level of worry today is not as much as it was in the past,” she told Business Mirror.
“When Okada opened, people were worried it will grab market share. But it turned out the industry just grew faster such that everybody was able to benefit. The worry was not as much as this stage.”
Landing broke ground on its planned IR, NayonLanding, on 7 August only for the entire board of it partner, Nayong Pilipino Foundation, to be fired by President Duterte on the same day for what he described as a “grossly disadvantageous” land deal.
Despite the President’s stance, Landing told IAG on Monday that it “still maintains the target to open the project in 2022.”
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