City of Dreams Manila operator Melco Crown Philippines became the first Entertainment City casino to receive a regular gaming license from the Philippine Amusement and Gaming Corporation (PAGCOR).
Melco Crown said in a Tuesday filing to the Manila Stock Exchange that it had received its regular gaming license on Monday “for “having met the minimum $1 billion investment under PAGCOR’s regular license requirement.”
“The regular license has the same terms and conditions as the PAGCOR provisional license,” Melco Crown Philippines added.
The property’s provisional license, which was issued to the consortium on January 28, 2013, required that at least 95% of City of Dreams Manila’s total employees be hired locally.
President and COO Jorge Sarmiento presented the regular gaming license to Melco Crown Entertainment CEO Lawrence Ho.
Sarmiento said that since opening, City of Dreams Manila has contributed to the integrated casino resort industry in the country.
“PAGCOR is pleased that City of Dreams Manila has demonstrated strong operating competency, and with just a few months after its sneak preview last December, the PAGCOR Board of Directors is happy to issue to it the regular gaming license to operate a casino resort in the Entertainment City area.” Sarmiento added. “PAGCOR truly recognizes City of Dreams Manila’s contribution to the Philippines’ sound investment scenario as the fastest growing economy among emerging markets in Southeast Asia.”
“We are proud and honored to receive the regular gaming license as it is a tremendous show of confidence by the government in Melco Crown Entertainment and our local partners, the SM Group’s Belle Corporation,” said Ho in a statement. “We have delivered a world class entertainment venue to the Philippines and have raised the bar for integrated resort development in Entertainment City. We are proud of our contribution to the Philippines and pleased to have created over 5,000 desirable jobs at City of Dreams Manila. We will continue to cater to the increasingly affluent and growing middle class across Asia, who are seeking new travel destinations and entertainment experiences in the region.”
The regular gaming license issued today is valid until July 11, 2033.
