Big Time Gaming (Gambling) Coming Soon To Philippines.....

[Old55]

Anyone know of this deal?http://www.comps4free.com/philipines-casino-begins/The long-anticipated construction has begun on a new Manila casino in the Philippines. This project is budgeted for $2 billion, (US$$$!!) and it’s the brainchild of Japanese casino magnate Kazuo Okada and his company, Universal Entertainment Corporation. $1 billion of the money is being put up by Universal, while the other $1b is coming from creditors.As for the specifics of the casino, the target completion date is set for 2014, and it will span 110-acres when finished. Additionally, there will be three hotel towers, an artificial domed beach, and a convention center.More fun in da Philippines.http://www.reuters.com/article/2012/02/20/us-wynn-idUSTRE81I0ED20120220Wynn has accused Okada, (Wynn’s Japanese partner) who is constructing a $2 billion casino in the Philippines, of improper cash payments and gifts totaling about $110,000 to foreign gaming regulators. So far there has been no formal regulatory investigation into Okada's business in the Philippines.Cristino Naguiat, chairman of Philippines government regulator PAGCOR, said its officials had not received gifts in cash or any kind during his tenure which began in 2010, according to a statement emailed by PAGCOR. He added that it was customary to provide complimentary accommodation to visiting casino executives and PAGCOR did so in the Philippines. :hystery:

[Mike S]

Oh well .... just another place the regular Pilipino won't be visiting ...... or me either :hystery: :nudie:

[Bruce]

OK... lets look at the flip side. 110 acres? HOW many lost their homes to make way for this? What other 'local' damage was done? Sure there may be some (lots?) of jobs for the Philippine people.... but how many will go to those displaced for the construction?Also..... for those of you who are still wondering about buying / owning land / houses..... this is a price example of a foreigner investing LOTS of money. I guarantee you his company is well covered as to who owns what. Just research and follow his example on a much SMALLER scale!

[JJReyes]

For many years, there was talk about converting the reclaimed land alongside Roxas Blvd. (Mall of Asia, Philippine International Convention Center, Sofitel Hotel, Cultural Center, etc.) into a Las Vegas like gaming and entertainment mecca. Studies indicated the project won't attract a sufficient number of foreign gamblers. The casinos operating under Pagcor licenses are sufficient to satisfy local gamblers. Macao has already overtaken Las Vegas as the world's gambling mecca in terms of gross revenues. Macao's popularity is from all the new wealth being created in China. The problem is China's economy is already in a bubble. The expectations are it's just a matter of time for their overheated real estate market to collapse. Next will be the manufacturing sector, which operates on borrowed money. A sign of the speculative nature of China's real estate is the buying of condominium properties with no intent to occupy or rent. The new owner would wait for the next fool to come along to purchase the condo for an addtional 20% to 50%. The new buyer would then try to find another fool to pay the nextl 20% to 50%. One day, just like a Ponzi scheme, the industry collapses. Now, if it was in the United States rather than China, we just run to the federal government and plead, "Please bail us out!"

[Bruce]

For many years, there was talk about converting the reclaimed land alongside Roxas Blvd. (Mall of Asia, Philippine International Convention Center, Sofitel Hotel, Cultural Center, etc.) into a Las Vegas like gaming and entertainment mecca. Studies indicated the project won't attract a sufficient number of foreign gamblers. The casinos operating under Pagcor licenses are sufficient to satisfy local gamblers.Macao has already overtaken Las Vegas as the world's gambling mecca in terms of gross revenues. Macao's popularity is from all the new wealth being created in China. The problem is China's economy is already in a bubble. The expectations are it's just a matter of time for their overheated real estate market to collapse. Next will be the manufacturing sector, which operates on borrowed money. A sign of the speculative nature of China's real estate is the buying of condominium properties with no intent to occupy or rent. The new owner would wait for the next fool to come along to purchase the condo for an addtional 20% to 50%. The new buyer would then try to find another fool to pay the nextl 20% to 50%. One day, just like a Ponzi scheme, the industry collapses. Now, if it was in the United States rather than China, we just run to the federal government and plead, "Please bail us out!"

I have walked thru (I am not much of a gambler) 4 different PAGCOR properties, 1 Cebu and 3 in Manila. I never saw more than 2-3 white faces and maybe 20+ chinese looking people, often in 1-2 big groups. All the rest were mostly Pinay clones of stool hags you see in Las Vegas pumping coins into the machines. The same lounge lizard clones too. But lacked the noise and 'excitment' of a Las Vegas casino. Similar to a Racino crowd.As for the Chinese, they are already propping up huge communities of vacant hi rise condos. It is interesting to read, on one side about the CHINESE taking over the financial world and how their money will become the new world currency.... and then the articles about how the Chinese economy is making the same mistakes the US did, only 10 years or so behind. It is the same mentality.... make all the money you can NOW and let the next generation solve the problems being created.In 2005 or so, I had a Chinese friend who had a standard condo in Hong Kong in Sunny or Happy something valley..... The family put it up for sale for $750,000 USD and took it off the market when the price offers topped 1mil! I don't know where it ends,but there must be a 'end / top' somewhere.

[joeatmanila]

Surprise surprise!!!!!While i do not gamble (i know more pleasurable ways to loose my money...vacations!!!) i do know quite a lot of people who do.I did visit the place a few times, and here is the surprise surprise...it was PACKED from average pinoys gambling the heck out of money!!!!! NOT EVEN ONE WESTERN or EUROPEAN person there.Do not ever forget that filipinos LOVE gambling. They do stage 3-4 days of a funeral mourning just so they can gamble legally. I do not know how this ill custom works out but in the cheap memorial venues i see around here, the 3 days "crying" for the dead is made to a 3 days and nights of legall gambling on anything else than cock fights. Certain individuals are approached by the poor families who cannot afford a funeral, they pay for the funeral in exchange that after the first day (not even night) they will use the dead for gambling over the venue...As for the casino complex in Roxas, they even build condos (rather expensive to buy and low end to make) they offer an entire living package is a gambling paradise...They did the same with certain places for sexpats succeeded big time,they did the same for retirees wanna be villages and failed big time. They do make similar resorts in less developed areas aka cheap land to build,http://www.thunderbirdresorts.com/ seeing developments as such can give you a good idea where to invest or in what kind of business you should look after if you can afford the investment. These collosal companies did the marketing, viability and profitability research for you, they decided to invest, all you have to do is follow them, use nature as an example the shark's pilot fish the concept is exactly the same.These resorts they build at Binangonan Rizal a place i quite often visit for photography opportunities (great scenes) and wikipedia says as such about it http://en.wikipedia.org/wiki/Binangonan,_Rizal and i say it is a poor rural area with nothing to offer than nature and lake fishing.My cash are bonded to other projects, if any of you wants to become more wealthy look at this option of purchasing land around the areas of these newly made resorts.