Entertainment City, Philippines: A U.S. investment group, including a subsidiary have presented a proposal to Philippine regulators for two casino resorts with a combined price tag of $1 billion – one on Cebu, and the other on the lesser known island of Napayawan. According to the report, letters of intent have been filed with the Philippine Amusement and Gaming Corp (PAGCOR) but the regulator has taken no position on the proposals.
Several reports in Asian media have quoted the PAGCOR VP of gaming licensing and development as saying, “For areas outside of metro Manila, especially in underserved areas, the chances of looking into a casino licence would be higher than in Manila.” which would seem to shed a favorable light on the proposal.
According to the original report, managing director of Sino-American Gaming, Michael Foxman said that the Banyan Tree hotel chain would be part of the project. They already have a Las Vegas partner on board to handle entertainment, and are in talks with the Marriott group for further accommodations possibilities.