Belle reiterates interest in Pagcor

MANILA, Philippines - Belle Corp. has reiterated its intent to bid for the Philippine Amusement & Gaming Corp. (Pagcor) should the government decide to privatize it.

Belle vice-chair Willy N. Ocier said the group remains interested in bidding for the state-run gambling agency should the government make a go of its plan to turn over the casino or gaming operations of Pagcor to the private sector.

Barely a month after his assumption of office on June 30, 2010, President Benigno “Noynoy” Aquino bared plans to auction off Pagcor’s operational assets as a way to raise needed funds to plug a yawning budget deficit.

“We eagerly await the governments policy on Pagcor’s privatization. We will be interested to participate and invest in efforts to help improve the country’s gaming and tourism infrastructure,” Ocier said.

Lawmakers earlier urged the government to undertake a study to determine the real value of Pagcor before entertaining recommendations that it be privatized. Rep. Alfredo “Albee” Benitez (Negros Occidental 3rd District) earlier said he favored the proposal to privatize Pagcor but it should be only as far as its operational assets were concerned to ensure recurring income for the government. He also said government must retain its regulatory functions over Pagcor.

Benitez is the former president of Leisure & Resorts World Corp. (LRWC), the company tapped by Belle to operate and manage the gaming component of a planned $1-billion integrated resort complex along Roxas Boulevard to be called Belle Grande Manila Bay.

San Miguel Corp. president and chief operating officer Ramon S. Ang was the first personality or businessman to make an offer for Pagcor, which he valued at $10 billion.

The Philippines is seeking to become Asia’s next big gambling destination with the planned $20-billion Pagcor Entertainment City along Roxas Boulevard.

Majority owned by the Sy group, Belle is building the country’s largest casino complex along Roxas Boulevard, targeted for soft opening in the fourth quarter this year.

The casino complex will make available 15,000 to 20,000 square meters of gaming space in the next three years with a total of 1,600 slot machines, 300 to 320 tables and 1,500 hotel rooms.

Belle’s entry into the high-roller gambling market was finalized in 2009 with its acquisition from SM Commercial Properties Inc. of Premium Leisure and Amusement Inc. (PLAI), the firm which holds a franchise from Pagcor to establish a casino complex within the 120-hectare Pagcor Entertainment City.

Together with the SM Group, Belle has committed to invest bout $1 billion into the project over a 25-year period.