Parañaque sees revenues reaching P300 B in 5 yrs from Entertainment City

MANILA, Philippines – The Paranaque City government expects revenues to reach P300 billion over a five year period when all integrated resorts have been completed in Pagcor Entertainment City.

Among these new businesses expected for completion within five years include Megaworld Corp.’s 31-hectare mixed-use township Westside City within the Philippines’ version of the Las Vegas gaming strip.

In a statement, Paranaque City Mayor Edwin Olivarez welcomed the development of several international brand hotels under Andrew Tan’s Travellers International Hotel Group Inc. which would create thousands of jobs and encourage economic activities.

The local government’s Special Services Office chief Mario Jimenez said there was a substantial increase in the number of new business registrations last year, reaching 2,325, while renewal was at 17,122 for a total of 19,447 business establishments operating in the city.

Westside City is scheduled for completion by the last quarter of 2020 and will be the home of the second Resorts World property in the Philippines after the first Resorts World in Newport City in Pasay.

Aside from Megaworld, Ayala Land Inc. will also undertake projects in Entertainment City.

Next year alone, Olivarez expects thousands of local job seekers to be employed when the $2-billion Manila Bay Resorts of Tiger Resort Leisure and Entertainment project in Entertainment City opens in December 2016. 

Casino mogul Kazuo Okada’s Tiger Resort is committed to deliver the biggest integrated resort casino property in the country and is expected to employ over 8,000 people once fully operational next year.

Tiger Resort is envisioned to be a world-class Las Vegas style development with luxurious hotels, classy restaurants, commercial facilities, residences and state of the art pool with real sand beach covered by a glass dome.

The first to open at the Entertainment City was Solaire Resorts and Casino followed by City of Dreams Manila.

Parañaque was adjudged the country’s most competitive city in terms of economic dynamism by the National Competitiveness Council last year.