We are pleased to announce herewith the Terms of Reference regarding the Bagong Nayong Pilipino Entertainment City Manila project.

I. Objectives of Bagong Nayong Pilipino Entertainment City Manila

    As one of the priority projects of government, the Bagong Nayong Pilipino Entertainment City Manila project will have the following contributions toward national economic development:

         a. Boost tourism and increase influx of tourists. It is estimated               that more than a million additional tourists per year can be                      attracted as a result of this project.

         b. Employment generation will be substantial. Direct employees               of  the hotel entertainment complex upon full operation will               exceed 40,000 Filipinos, all of whom will be at income levels at            par with other hotel casino complexes in the region, and            salaries of whom shall be in United States Dollars (USD).            In addition to the direct employment, indirect employment of            support operations could amount to 150,000 additional jobs.

         c. Increased earnings for the national government. It is expected               that the project could generate gross revenues of           several billion US$ per year upon full implementation and could           triple the present annual income generation of PAGCOR from           US$500 million to US$1.5 billion, thus dramatically increasing           the income of the National Government to whom all PAGCOR           revenues accrue.

II. The following are the Terms of Reference which all project applicants must conform to in order to qualify for a PAGCOR license to operate each integrated casino-entertainment complex project:

     1. Site Location

           The initial phase of the project site will be an area of approximately 40 hectares of reclaimed land along Manila Bay in Parañaque City. Other locations in this vicinity as may be approved by PAGCOR will also qualify.

       2. License Application Fee

           Each application must be accompanied by a Manager's Check in the amount of US$50,000 payable to PAGCOR, which is non-refundable.

        3. Project Proponents

           Applicants must have the financial capability and a well-established experience in the hotel and gaming business. Applicants who are principally financial investors are also welcome but will be required to engage qualified hotel and gaming operations entities (whether organizations or individuals), who have the track record in organizing and operating world-class hotel and gaming projects.