4. Minimum Investment Requirement

          All applicants must submit proposals for a total entertainment complex with a minimum project cost of US$1 billion, consisting of both equity and debt.

          Of this total project cost, a minimum of 40% of the total project cost must be invested within a period of two (2) years from site delivery (for PAGCOR owned land) or from the date of signing of the Provisional License.

          The balance of the total project cost should be utilized to complete the whole project development in accordance with the Project Implementation Plan to be submitted by the proponent within 120 days from signing of the Provisional License and approved by PAGCOR.


       5. Debt/Equity Ratio Requirement

           All project proponents must have a minimum debt equity ratio of 70% debt and 30% equity, in order to assure the project's financial viability. Projects with less than a 30% equity component will not be accepted.


        6. Citizenship Requirements

           Equity ownership on companies engaged in gaming operations will be governed by applicable laws.


        7. Lease Period & Lease Rate

            For selected applicants who will lease the land owned by PAGCOR, lease period is for 25 years or until the expiration of the twenty-five (25) year term of PAGCOR as provided in RA 9487. The lease shall be renewable by mutual agreement for another 25 years.

            The annual lease rate shall be announced at a later date.

         8. Performance Assurance

            Within 30 days from the approval of the Project Implementation Plan, each selected proponent must submit a Bank Guarantee or Letter of Credit or Surety Bond to be secured from a reputable firm acceptable to PAGCOR, in the amount of ONE HUNDRED MILLION PHILIPPINE PESOS (PHP100,000,000.00).

            The Performance Assurance shall guarantee the Proponent’s completion of the project.