Philippines is open to issuing gambling licenses outside the capital of Manila and plans to require the minimum investment for new casinos at about $300 million, ensuring a world-class properties are in provincial cities and towns. Cristino Naguiat Jr., chairman of Philippine Amusement and Gaming Corp. said in an interview that there are areas which he thinks that are very ripe for casino. The agency is open to issuing casino licenses if it helps boost the economic activity and if the people in the area wants it. They are also developing a template to ensure that investment commitment should be made before being granted with a license.
Philippines has already allowed four resorts being built 120-hectare seaside Entertainment City complex in the capital, having a $1 billion minimum investment each. Also, Japanese tycoon Kazuo Okada will be constructing the country’s biggest property in the Las Vegas- style casino hub, spending as much as $2 billion.
The minimum investment will vary depending on the location and will be implemented by the newly elected president after Pres. Aquino’s term. Pres. Aquino’s administration followed his predecessor Gloria M. Arroyo’s guidance on investment requirements for the casinos operating in the Entertainment City.
