is pleased that City of Dreams Manila has demonstrated strong operating competency, and with just a few months after its sneak preview last December, the PAGCOR
Board of Directors is happy to issue to it the regular gaming license to operate a casino resort in the Entertainment City area.
In the mutually signed Letter of Intent, the Company guarantees to pay PAGCOR
a monthly payment, for hosting the broadcasts, when they commence, over a ten (10) year contract period in the amount of US$1 million for year one (1); US$2 million for years two (2) and three (3); US$5 million for years four (4) through seven (7) and US$10 million for every year there after.
, the country's gaming monopoly, has been continually introducing reforms and structural changes which are all meant to entice more foreign players and visitors to its various locations and propel it into a competitive and world class gaming and entertainment company.
The project involves: a) improvement of Phase 1; b) construction of phase 2; c) construction of at-grade feeder roads leading to/from PAGCOR
Entertainment City; and d) operation and maintenance of the expressway.
I would like to express my sincerest gratitude to the Government of the Republic of the Philippines and PAGCOR
for their continuous support in helping us realize this stunning gaming, leisure and entertainment complex here at Entertainment City.
The Company's revenue share will increase from 17% to 35% and PAGCOR
will maintain its 65% share.
It is also in negotiations with PAGCOR
to change the revenue share on the local business.
After several amendments to gaming regulations in the Philippines by PAGCOR
, City of Dreams Manila has been allowed to operate a significantly increased number of gaming tables and electronic gaming machines upon opening.
Under the grant of authority issued by PAGCOR
, New Victor Corporation, along with its new joint venture partner, Thunderbird will supply slot machines and add its operating expertise to this PAGCOR
Genuino, who is also the Chairman of PAGCOR
(Philippine Amusement and Gaming Corporation, the official gaming regulator and largest gaming operator in the Philippines).
is the government-owned and controlled corporation established to regulate all games of chance in the Philippines.
The project will provide better access to the NAIA and PAGCOR
Entertainment City and will connect to the Skyway network of Metro Manila with the existing Manila South Luzon Expressway at Sales Interchange.