Global Entertainment Industry Growth Cited

Manila Bulletin, October 10, 2007 | Go to article overview

Global Entertainment Industry Growth Cited


Philippine Amusement and Gaming Corporation (Pagcor) Chairman and Chief Executive Officer Efraim C. Genuino described "dynamic partnership" among government agencies and the private sector as the "key to economic progress" in a speech delivered at the 103rd Foundation Day of the Polytechnic University of the Philippines (PUP).

The entertainment industry is one of the most exciting arenas and engines of economic growth, he said. "It is a global phenomenon where millions of tourists are spending fortunes visiting interesting destinations that offer gaming and entertainment."

"These are exciting times for us, because the world gaming industry is booming," he said, stressing that the Asian Gaming Association has pointed out that "the greatest opportunities are in Asia."

Genuino said Macau has already overtaken Las Vegas,' while Singapore is opening its doors to casino operations, most of which are to be funded by respected operators in Las Vegas.

"What now is the Philippines' game plan to make sure that we are not left behind by our Asian partners?" he asked. "The plan of Pagcor is to make the Philippines the next Las Vegas of Asia through never-before-seen family fun and entertainment."

Genuino said Pagcor is a government-owned and controlled corporation (GOCC) under the direct supervision of the Office of the President, created to: 1. regulate all games of chance, particularly casino gaming; 2) generate revenues for various civic and development projects; and 3) help boost Philippine tourism.

He told PUP President Dr. Dante Guevarra, faculty members, students, and guests, "Right now, we are running a significant show called 'Wanders' at the Pagcor Grand Theater of our Airport Casino Filipino - which features highflying acrobats, magnificent and captivating musical and production numbers, with performances by top and world-class artists from China, Russia, and the Philippines - the first ever in the country. …

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