As financial turmoil continues to swirl around the Asian gaming industry, a massive billion development, Entertainment City, is moving forward in Manila.
The state-run gaming company, Philippine Amusement and Gaming Corp. (PAGCOR), says construction will begin in the first quarter of 2009, and that financing has not been affected by the downturn. The company has commitments from Genting Berhad Group and Star Cruises of Malaysia, Alliance Global Inc. of the Philippines, the Aruze Group of Japan, and Bloomburry Investments of Australia. Plans for four casinos to be located on the 140-acre site are under way, according the PAGCOR officials. Each investor is required to put up $1 billion before the projects can proceed.