Villavicencio opposes plan to put up casino at SBYC

Restaurateur Victor Villavicencio expressed yesterday his opposition to the plans of several banks to operate a casino at the Subic Bay Yacht Club.

According to Villavicencio, he, along with other members of the club, want to keep the image of the yacht club as a wholesome family club that offers service, leisure and comfort to all its members including their children. "SBYC will never consider a casino or any other form of gambling," he said.

According to Villavicencio, his stand reflects the sentiments of the club members who frequent SBYC as their family vacation destination.

The Subic Bay Waterfront Development Corp. (SBWDC), which developed the club, holds the contract to manage the yacht club until 2004. Villavicencio pointed out that the Subic Bay Metropolitan Authority (SBMA) had already granted exclusive rights to Legenda Hotels to operate a casino inside the Subic Freeport. Until this issue is resolved, Villavicencio said no other casino is allowed within the freeport.

On the other issue that the banks will reportedly auction off their shares in the yacht club in August, Villavicencio has no opposition to such a plan "as long as the SBYC is properly informed."

Villavicencio, who also owns the Triple V, corporation which operates the restaurant chains of Saisaki, Dad’s, and Kamayan, clarified that none of the banks had formally or officially approached the SBWDC or the SBYC of their plans to put up a casino in the yacht club or to sell their shares through bidding.

He also explained that all the banks that financed the construction of the yacht club had been paid.

He added that Triple V, the corporate vehicle for his restaurants has paid 90 percent of its bank loans and is current with the balance.

However, creditor banks of Triple V have taken over Villavicencio’s shares in SBWDC which Villavicencio had pledged as collateral for his almost P1-billion loans from the banks.

Villavicencio had to restructure his almost P1-billion loans with the bank after encountering financial difficulties. – Marianne Go