Manila residents expressed their concerns that the capital of the Philippines might turn into the Asian “Wild West” after it was announced that City of Dreams, a multimillion casino project, will have its official opening on February 2.
The venue’s launch comes at a time when Chinese government is carrying out a major anti-corruption and money laundering campaign in Macau. The project is a result from Australian mogul James Packer’s collaboration with Asian businessman Lawrence Ho.
Teresita Ang See, founder and chairwoman of a local non-governmental organization, pointed out that the lack of proper legislation which deals with money laundering and gambling could lead to uncontrollable flow of illicit financial resources through the country’s casinos.
According to her, Manila’s police officers are not prepared enough to take care of the security of the so-called Entertainment City, a large entertainment complex which is planned to become home to four large casino resorts with City of Dreams being one of them.
Ang See also shared her concerns that many people, both residents and visitors of the city, might resort to violence or become victims of violence, due to gambling debts. She said that her organization has helped such people in the past.
Kevin Sim, who was appointed as a COO of City of Dreams Manila, said that despite the fact local casinos are not protected by any money laundering laws, Melco Crown is perfectly able to prevent illicit flow of funds within its premises.
What is more, Mr. Sim pointed out that the operator will stick to the current law that prevents people under 21 from entering gambling venues and engaging in gambling activities. He also shared that if a certain law that will require from casino visitors to pay a HK$608 entrance fee comes into effect, the company will most certainly comply with it.
Eugene Manalastas, director of the Philippine Amusement and Gaming Corporation (PAGCOR), shared with the media that the local gaming regulator is currently discussing the implementation of a special law that will prevent money laundering through gambling activities.
Francis Hernando, a vice president at PAGCOR, stated that both the regulatory body and the gambling operator are seeking to adopt an anti-money-laundering policy which is to be very similar to that in Macau. However, it is important to note that the Corporation does not have the authority to oblige casinos to report on any suspicious transactions that might be taking place within their premises.
Meanwhile, a video with Hollywood actors Robert De Niro and Leonardo DiCaprio and director Martin Scorsese was uploaded on YouTube. The short film aims at promoting City of Dreams Manila. Reportedly, about US$70 million were spent on the making of the video, which was directed by Scorsese himself.
