Casino firms welcome San Miguel win in NAIA Expressway
MANILA, Philippines - The 4 locators in the casino-tourism complex in Pasay City welcome the winning bid of conglomerate San Miguel Corp. for the toll road that will connect Entertainment City and the Manila international airport.
This was according to Cristino Naguiat, the chairman of state-owned Philippine Gaming Corp (Pagcor), which regulates casinos. All 4 licensees at the Entertainment City — Enrique Razon's Solaire Resorts, Belle Corp., Alliance Global Group Inc. and Japanese-led Universal Entertainment Corp. — requested for the construction of the elevated ramp and was initially willing to shoulder half or P6.5 billion of the project cost.
"The 4 players are happy because they have savings of P6.5 billion, which they could use to do more for their projects," Naguiat told reporters when asked about San Miguel's P11 billion winning bid.
San Miguel bested the P305 million bid of lone rival Manila North Tollways Corp., a unit of Metro Pacific Investments Corp., of businessman Manuel V. Pangilinan.
The project connects the 3 airport terminals at the Ninoy Aquino International Airport (NAIA), the country's main gateway, with two other toll roads, Skyway and the Manila-Cavite Toll Expressway, with the Entertainment City at the other end.
"The government is the big winner here," Naguiat noted as he expressed optimism that the NAIA Expressway Project, expected to be in place by 2015, would significantly contribute to the success of Entertainment
Ang is scheduled to pay the government in June and start preparation works for the project soon.
NAIA Expressway Project, expected to be in place by 2015, would significantly contribute to the success of Entertainment City.
Currently, Razon's Solaire Resorts has opened to the public. The others are scheduled to start operations in the next 2 years.
The NAIA Expressway Project is the second big-ticket infrastructure project the government bid out under its PPP Program for infrastructure launched in 2010. - Rappler.com