Global Gaming Asset Management (GGAM) has signed a management service agreement to run hotel and gaming operations at Manila’s ambitious Pagcor Entertainment City. The contract, which was signed with Sureste Properties and its wholly owned subsidiary Bloomberry Resorts and Hotels, means the firm manages the first project to be built at the mega-resort.
A spokesperson from state gaming agency Pagcor said: “GGAM is a group composed of former executives who managed major resorts in the United States and Asia. This is the first time that Pagcor and the Philippines will avail of such top caliber hotel and gaming operators.”
The project as a whole is estimated to cost $15billion and covers an area of 120 hectares. Bloomberry’s part will be completed by October next year and cover an area of 8.3 hectares. It includes hotels, casinos, gaming facilities and a number of other convention, retail and dining outlets. It adds to a casino business industry that is already attracting many plaudits in the pacific group of islands and the Asian continent as a whole.
Listed Philippines-gaming firm PhilWeb had higher bet volumes to thanks for an increase in profits and revenues. Third quarter results saw a 23% increase in net income to P176.42million with the figure for the first nine months of the year increasing by 15% to P548.46m. Revenues added to the feeling of optimism at the firm as they were up 10% to P831.53m. The company has been looking to establish its presence in the online gaming industry in the past year. To do this, they’ve looked firther afield in the continent’s burgeoning gaming industry as they aim to market their Internet café style Pagcor E-Games (PEGS) in a number of countries including Laos, Vietnam and Cambodia.