Integrated casino resort developer Melco Crown (Philippines) Resorts Corporation on Tuesday revealed its recently opened integrated casino resort, City of Dreams Manila, is the first to receive a regular gaming license from the Philippine Amusement and Gaming Corporation (PAGCOR) after having met the minimum $1-billion investment.
The minimum amount is part of PAGCOR’s requirements for granting a regular license to a locator in Entertainment City.
Lawrence Ho, co-chairman and CEO Melco Crown Entertainment received the regular gaming license from PAGCOR president and COO Jorge Sarmiento on Monday.
The regular gaming license is valid until July 11, 2033 and cancels and supersedes a provisional license PAGCOR issued to the consortium on January 28, 2013.
“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,” Ho said in a statement.
"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,” he added.
Melco Crown (Philippines), whose shares are traded on the Philippine Stock Exchange, is a subsidiary of Hong Kong-registered Melco Crown Entertainment. – VS, GMA News