The Philippine Amusement and Gaming Corporation (PAGCOR) has signed a 25-year lease with San Miguel Corp. Infrastructure, which includes a new headquarters for the gaming regulator free of charge.
PAGCOR is leasing the 15-hectare Nayong Pilipino property to SMC, with two hectares to be allocated to PAGCOR’s new corporate office building.
The PHP2.45 billion ($41.74 million) for the new headquarters “will be fully financed and built by SMC at no cost to PAGCOR”, indicated the regulator’s Chairman Alejandro H. Tengco.
“We’ve long dreamed of a day when we could bring everyone together under one roof—a place where we could foster a stronger sense of community, collaboration and shared purpose,” stated Tengco.
At the signing ceremony for the agreement, SMC Chairman Ramon S. Ang indicated that “Our goal is to maximize the potential of this property for the public’s benefit. The new PAGCOR headquarters will be a key part of this plan, providing a modern space to support their crucial role in funding government programs that uplift the lives of many Filipinos.”
Construction of the PAGCOR building is expected to commence upon PAGCOR’s formal approval of the design.
Regarding the lease, PAGCOR’s Chairman further indicated that the regulator “expects additional revenues from renting out unused portions of the new corporate office once it is completed”.
The new PAGCOR headquarters spans 40,000 square meters, with an additional 15,000 square meters for fit-out space.
Under the lease agreement, 13 hectares of the Nayong Pilipino property will be allocated for SMC, ‘which will mostly include infrastructure to complement airport requirements’.
SMC and the Incheon International Airport Corporation are part of consortium that officially took over management and operation of the Ninoy Aquino International Airport (NAIA) earlier this year, committing to spending PHP170 billion ($2.9 billion) to improve the facility and increase passenger traffic to 62 million annually from the current 43 million.
