Sen. Richard Gordon cited the wide support for the gaming industry, which necessitated the need to extend Pagcor’s franchise for another 25 years.
With the gaming boom around the world, particularly in Asia where foreign investors are now eyeing the Philippines, among other countries, to expand their businesses, Gordon said the government must seize the opportunity.
But the biggest obstacle facing the gaming industry in the country is the impending expiration of the Pagcor franchise in 2008.
The House of Representatives has approved the proposal seeking to extend the lifetime of Pagcor for another 25 years but the Senate has yet to act on it.
"I believe that we could push aside all adversities. That is why we intend to pass the Pagcor law," Gordon told the delegates of Asia’s first GEM- Gaming and Entertainment Plus Leisure Expo 2006 held at the Manila World Trade Center.
The three-day event which began last Wednesday, highlighted the crucial role of tourism in the economic development of countries, with emphasis on the synergy between tourism and the gaming industry.
Contrary to common belief, Gordon said, the gaming industry no longer emphasizes casino high rollers but total entertainment.
Pagcor, under the chairmanship of Efraim Genuino, sought to follow the trend of Las Vegas, Nevada, the casino capital of the world, by focusing on tourism with only 25 percent of its operations in casinos.
Pagcor has taken steps in this direction with the construction of a multibillion-dollar special economic tourism zone on reclaimed land along Roxas Boulevard.
The project, to be called "Entertainment City Manila," will feature multi-themed complexes with five-star hotels, casinos, shopping malls and arcades, amusement parks, cultural facilities and sports stadiums, among other projects.
Genuino said the project is expected to bring in initial investments of up to $2 billion from American investors.
If the Senate approves the Pagcor franchise, the investments could go as high as $10 billion, he said.
But, Genuino stressed, Pagcor could not pursue the endeavor if its franchise expires in 2008.
Gordon, for his part, vowed to push for the proposal to extend Pagcor’s franchise to his colleagues at the Senate.
"I’d like to see Efraim Genuino starting to really push these programs of Entertainment City... If he doesn’t make it happen, you can be very well sure that I’m going to be out there in the Senate making a lot of noise and tell them, what the hell are you waiting for?" Gordon said.
Gordon said the projects would generate more jobs. "We need investments. We need foreign exchange. Genuino, get it done. I will get your law done," he told the Pagcor chief.
At the three-day exposition, Gordon saw for himself the trends in the gaming industry that are enticing tourists as well as sophisticated and jaded high rollers.
Foreign manufacturers of casino game machines attract buyers for their high-tech game equipment along with using attractive promo girls to help sell the products that may soon be available in casinos across the country.
Game machine manufacturers showcased their products at the World Trade Center exhibit which ended yesterday.
Among the gaming equipment and machines showcased were Super Baccarat, Triple Luck, Bingo Queen Bee games and slot machines.
Pagcor spokesman Eduard King said Pagcor was among the principal sponsors of the exhibit of gaming equipment participated in by 16 countries.
King said it was the first exhibit in the Philippines to showcase the latest trends in casino gaming equipment.
"These are new equipment and we do not have them yet in casinos here. It is about time the Philippines takes hold of the lead. We need these because we are number two in Asia in (the) casino industry," King pointed out. — With Pia Lee-Brago