To invest in Filipino casino project
PAGCOR says USD 1B not enough
(Philippines) .- Cristino Naguiat, PAGCOR Chairman, said that USD 1 B is not enough for Caesars Entertainment for a casino resort project in the country.
2014-10-31
Reading time 30 seg
(Philippines) .- Cristino Naguiat, PAGCOR Chairman, said that USD 1 B is not enough for Caesars Entertainment for a casino resort project in the country.
Naguiat said that the government now requires a minimum investment of US$ 1.5 billion although previous casino operators only paid US$ 1 billion. “If we bring in something new, it has to add value to the development of Entertainment City; they will be facing new terms of reference—the new investors,” he explained.
Clearly the stakes have risen since the first round of investors and the Philippines government will make Caesars pay a premium if they want to be involved in a casino resort in the country.
Naguiat also said that other American gaming companies, which he did not name, were also interested investing in the country.
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