Japanese investor breaks ground at Bagong Nayong Pilipino

The fourth major investor in the Bagong Nayong Pilipino entertainment complex forged ahead with a $2-billion integrated resort project Thursday on a 45-hectare site at the Manila Bay Reclaimed Area, saying that the venture will create 15,000 jobs.   Japan-based Universal Entertainment Corp. noted its Manila Bay Resorts venture will become “the next major world-class entertainment, shopping and gaming destination in Asia.”   Its subsidiary, Tiger Resorts, Leisure and Entertainment Inc., said construction will commence next February while the formal opening is expected in the third quarter of 2014.   “The entertainment complex will have two luxury casino hotels hosting 450 and 600 rooms, respectively... A 1000-room budget hotel will also be put up within the resort, targeting to reach a wider market,” the resort developer said.   Speaking through an interpreter, Universal Entertainment chair Kazuo Okada said construction will start with the large-scale water fountain and then progress to the other components, including an indoor beach club encased under a huge glass dome. The complex will also have high-end fashion boutiques and outlet malls.   “Manila Bay Resorts seeks to attract business travelers and tourists from all over Asia especially the Chinese market,” according to Tiger Resorts. The tourism markets of Japan, South Korea, Singapore and Hong Kong were also eyed.   Attracting $5B in investments   Philippine Amusement and Gaming Corp. (PAGCOR) chair Cristino Naguiat Jr. said in an interview with reports the whole Bagong Nayong Pilipino complex will be up and running in 2014, noting the whole complex can “easily” attract at least $5 billion in investments.   The three other investors in Bagong Nayong Pilipino are Bloomberry Resorts and Hotels, Travelers International Hotel Group Inc., and Belle Corp. — all of which were signed up during the Arroyo administration.   Naguiat noted that Bloomberry and Belle Corp. are already halfway through their respective construction projects. He also said the Bagong Nayong Pilipino complex may have room for a fifth major project, in which new investors could collaborate with the four proponents now on board.   “PAGCOR is primed and ready to take on the challenge to position Manila to be one of the world's entertainment and gaming capitals. We assure our partners of full support, not only from PAGCOR, but also from other government agencies,” Naguiat said in his remarks during the groundbreaking ceremony.   “We look forward to a long and fruitful partnership with you. It's time to roll up our sleeves... We are very, very optimistic that this project will succeed because gaming and entertainment is more fun in the Philippines,” he added.   Impact on 400,000 lives   Director-general Lilia B. de Lima of the Philippine Economic Zone Authority (PEZA) said that Universal Entertainment is not a new investor and is familiar with the Philippines because it already operates in Laguna a slot machine production plant, which she said is poised to hire an additional 5,000 workers.   The Manila Bay Resorts' 15,000 jobs target plus the 5,000 from the 10-hectare expansion of the slot machine plant will likely create indirect employment for 80,000, De Lima noted.   Each Filipino wage earner supports an average of five persons, De Lima added, saying the impact of 80,000 direct and indirect employment will redound to the lives of at least 400,000.   She said the Japanese are the biggest investors in the country's 250 economic zones and are responsible for at least 40 percent of total projects. — VS, GMA News