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PAGCOR head denies laying off 700 employees of Manila integrated resort

February 7, 2024 Philippines Industry Updates

Alejandro Tengco, the president of PAGCOR, the Philippines’ gambling regulator, has angrily refuted claims made by the local media that some 700 workers at a Manila integrated resort are being let off.

Tengco emphasized that, in contrast to the reported layoffs, all impacted workers were given fair and acceptable choices.

The matter at hand concerns the transfer of the casino operations of the New Coast Hotel Manila to its proprietor, Marina Square Properties, Inc. (MSPI), which was authorized with a temporary casino license in 2020.

In a joint venture with PAGCOR, MSPI, a branch of International Entertainment Corp (IEC), a Hong Kong-registered firm, formerly ran the casino. On the other hand, MSPI intends to take complete control of New Coast as part of its efforts to turn it into a fully integrated resort.

Unlike what the media has reported, Tengco said that the impacted workers were given three alternatives. After being approved, people may continue working by reapplying to MSPI; a probationary period is unnecessary. Second, workers may choose to apply for retirement, which gives them the right to all mandated benefits and a minimum of one month’s salary for each year of service. Finally, PAGCOR has added 1,000 new opportunities to its staff inside the regulator, allowing current workers to apply for jobs that best fit their credentials.

According to Tengco, these choices demonstrate a commitment to equity and allow impacted employees to exit the firm with a respectable retirement or stay on as employees.

MSPI plans to engage in a new Provisional License agreement with PAGCOR and spend up to US$1.2 billion to restore the land. Furthermore, it has been revealed that a deal with Malaysian distributor RGB Gaming Equipment would allow for acquiring 382 slot machines for use at New Coast.

Original story by: IAG

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