Noy leads mega casino opening

MANILA, Philippines - The first phase of the $1.2-billion Solaire Resort and Casino in Parañaque City opened its doors yesterday to the country’s VIPs led by President Aquino, who expressed hope the newest investment would attract not just high rollers but families visiting the Philippines.

In his speech, Aquino said Solaire was only one proof that the country was now being seen as a world-class tourist destination aside from having an improving business climate.

He noted it would provide jobs for 4,000 Filipinos, which would have a multiplier effect on the country’s economy.

“Since the people you employ will become empowered consumers, they will be spending more money on groceries, schools, and other products and services, in their own way stimulating the economy and encouraging further the growth of industries that will in turn create even more jobs,” the President said.

He said it was “a pleasure to be in the company of those who continue to work with us to ensure that our tourism industry gets the recognition it deserves - to make certain that the basic truth that drives our global marketing pitch endures: that, indeed, it is more fun in the Philippines.”

“Countries in the region, such as Macau and Singapore are always competing for bigger pieces of this industry’s very lucrative pie. Your presence in the country is proof positive that while it is indeed more fun here, Filipinos can also strike a productive balance between work and play - that, above all else, the Philippines works,” the President said.

Aquino also cited one “universally compelling” reason to invest in the Philippines: that it got naturally pleasant people “born with smiles on their faces.”

Publicly listed Bloomberry Resorts Corp. headed by Filipino billionaire and port operator Enrique Razon owns the project.

“We believe Solaire will be central to achieving the national tourism goal of 10 million tourists by 2016,” Razon said on the sidelines of Solaire’s grand opening.

“We will finish Phase 1-A next year, which will add a lot of capacity and depending on how well we do, if we do very well, we will start Phase 2 right away,” Razon said.

Michael French, chief operating officer of Solaire, said in an interview that the casino and resort complex operator hopes to recoup its investments in three years.

French said the global benchmark in terms of return on investments is around five years.

Solaire has 300 gaming tables and 1,200 slot machines run by Las Vegas-ball pitches. It also has 500 hotel rooms and 2,000 parking slots.

This is the first phase amounting to $750 million. Another wing is being built to add 300 all-suite hotel rooms, 30 to 40 high-end shops and a theater for traveling Broadway shows as well as local and foreign lounge acts.

“What we have here in Solaire is an entertainment hub that can be enjoyed by the whole family. Already, we can envision your guests during their stay - families swimming in the pool, couples relaxing in the spa, or simply sipping on a mango shake with the Manila Bay sunset in the background,” he said.

“Not to mention, a pleasant stay in Solaire can potentially expand the horizons of your guests. Soon enough, they may be more open to experiencing what the city around them has to offer - whether they want to take a bayside stroll, shop in the biggest mall in Asia, or even visit our newly refurbished national museum,” the President said.

Aquino said the new establishment would help create jobs and empower Filipinos to “write new, fulfilling chapters in their lives.”

“The positive effects of your investments extend even farther than these (4,000) jobs. The success of this project means attracting even more tourists to our country - tourists who will ride our taxis and jeepneys and vintage horse-drawn carriages, eat in our restaurants, buy our local delicacies and souvenirs, and hire our tour guides. In fact, I am told that every tourist that visits our country directly results in the creation of one Filipino job. This means more work - more business, and consequently, more opportunities - for Filipinos,” he said.

The President said the Philippines would need an estimated 37,000 more hotel rooms in tourism hotspots by 2016 given the increasing number of visitors coming.

“So while I am happy to hear that you already put up 500 rooms and another 300 expected to be completed by 2014 in this hotel, I have some friendly advice for you: kindly build more rooms,” he said.

Aquino cited the improved ranking of the Philippines in the World Economic Forum Travel and Tourism Index, the lifting of safety concerns by the International Civil Aviation Organization (ICAO) on the country’s aviation industry and Republic Act No. 10378 that he signed removing the three percent common carriers tax for all international air and shipping carriers on receipts and income derived from transporting passengers.