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Mon, December 16, 2024
[ Mon, Dec 16th 2024 ]: Rappler
Pagcor leases Nayong Pilipino property to San Miguel for 25 years

Pagcor leases Nayong Pilipino property to San Miguel for 25 years

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  Pagcor says the construction of its new office building was a 'major consideration' for the agreement with San Miguel Infrastructure

The Philippine Amusement and Gaming Corporation (PAGCOR) has leased a 1.5-hectare property in Nayong Pilipino, Entertainment City, to San Miguel Corporation (SMC) for P650 million annually. This 25-year lease, with an option for a 25-year extension, was approved by the PAGCOR board on June 27, 2023. The property, previously intended for a theme park, will now be developed by SMC into a mixed-use complex featuring a hotel, casino, and other entertainment facilities. This development is part of SMC's broader investment in the area, which includes the upcoming Pasay 360 project. The lease agreement aims to maximize the use of the property, which has been underutilized, and is expected to generate significant revenue for PAGCOR, contributing to its mandate of nation-building through gaming revenues.

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[ https://www.rappler.com/business/pagcor-leases-nayong-pilipino-property-san-miguel/ ]