- October 23, 2014
- Posted by: Atty. James Biron
- Category: Legal News
The Chief Executive Officer (CEO) of PAGCOR Cristino L. Naguiat, Jr. expressed that there is a possibility that the minimum capital being required of casino project proponents will be raised from the existing $1 billion to $1.5 billion. Naguiat mentioned that he will ask the board to consider this hike in capitalization requirement.
He expressed that earlier investors took a risk by investing in the Philippines even if there were uncertainties as to its economic and political situation.
He noted that this change in investment capital will be included in the terms of reference documents for casino proponents which will be finished this year.
He further added that Caesars Entertainment Corp. has expressed interest in opening a casino in the Philippines. It was mentioned that Caesars admitted that it overlooked the Philippines, that is why it is only expressing interest after four major players have established their foothold in the country.
Aside from Caesars, Naguait mentioned that several other gaming companies have expressed their interest in investing in the Philippines.
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