Sunday, January 16, 2011

Belle, LR keen on Pagcor assets


By Doris Dumlao
Philippine Daily Inquirer

Posted date: January 16, 2011


MANILA, Philippines—Leisure estate and gaming firm Belle Corp., in partnership with Leisure and Resorts World Corp. (LR), is keen on bidding for the assets of state-owned Philippine Amusement and Gaming Corp. (Pagcor) once the Aquino administration decides to auction off the firm’s casino operations.

Belle, which is 64-percent controlled by tycoon Henry Sy’s SM group but independently managed by a group led by businessman Willy Ocier, signed on Friday with LR an operating deal on a P20-billion casino to be called “Belle Grande Manila Bay” that will rise in the coastal reclamation area by the end of this year.

On the much-anticipated Pagcor privatization, Ocier said: “We don’t know when that will be, but if and when they do, Belle and LR will obviously be interested in bidding for the casinos outside of Metro Manila and we are eagerly awaiting Pagcor’s terms of reference.”

In a press briefing during the signing of the operating agreement with LR, Ocier said Belle was “very comfortable” working with LR, a company founded by businessman-turned-Congressman Albee Benitez, who is now representing the third district of Negros Occidental.

LR got its big break 17 years ago when the SM group allowed the company to set up professional bingo parlors in its SM malls. Through subsidiary First Cagayan Leisure and Resort Corp., LR is also the master licensor, regulator and supervisor of the Cagayan Special Economic Zone and Free Port (Ceza), which now has three casinos.

The development of the gaming business in Ceza, Ocier said, was achieved with the help of consultancy group Asian Pacific Gaming, which has expertise in running a number of profitable casinos in Macau.
Asian Pacific Gaming was also tapped by LR to work on the upcoming casino in Manila Bay.

Ocier added that the Belle-LR tandem was expecting to face stiff competition in joining the prospective auction for Pagcor assets given the likely interest that such privatization would draw from other parties.

Diversifying conglomerate San Miguel Corp. was the first to be reported to be interested in Pagcor, but other groups with gaming operations may likewise join the fray. Real-estate tycoon Andrew Tan, for instance, leads the robust Resort World development across the Ninoy Aquino International Airport Terminal 3 in Pasay City. Ocier said Resort World was “rocking” but Belle would like to give it some serious competition.

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