GGRAsia – Pagcor seeks to raise at least US$62mln for non-casino land

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Pagcor seeks to raise at least US$62mln for non-casino land

Nov 25, 2019 Newsdesk Latest News, Philippines, Top of the deck

Pagcor seeks to raise at least US$62mln for non-casino land

The Philippine casino regulator is looking to raise about PHP3.14 billion (US$61.8 million) from the negotiated sale of three parcels of land totalling 34,483 sq metres (371,172 square feet) in Laguna, Cavite and Parañaque City.

That is according to a notice put online recently by the agency, the Philippine Amusement and Gaming Corp (Pagcor).

But the notice specified winning bidders “shall neither have right nor authority to operate a casino or any other gaming operation” on the sites.

In February a spokesman for Philippine President Rodrigo Duterte said his office had made no policy change announcement on a declared January 2018 moratorium on new casinos in the country.

Pagcor – which answers to the Office of the President – has a number of responsibilities, including remitting for social causes money it raises from its work.

The inspection period for interested parties regarding the land parcels ran from November 18 to 22, with any sealed offers to be opened on Tuesday (November 26).

In June last year a subsidiary of Philippine casino operator Bloomberry Resorts Corp paid PHP37.33 billion to Pagcor for two parcels of Manila land that are home to the group’s Solaire Resort and Casino.

The 16 hectares (39.5 acres) of land is part of Entertainment City, a zone in the Philippine capital designated for development of several large-scale casino resorts. The deal had been approved by Pagcor in April that year.

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