Alejandro Tengco, the Chairman and CEO of the Philippine Amusement and Gaming Corporation (PAGCOR), has firmly countered recent media assertions regarding imminent layoffs affecting approximately 700 employees at a prominent Manila integrated resort. Tengco affirms that amidst the transition of casino operations at New Coast Hotel Manila, the welfare of all employees remains a priority, with comprehensive options provided to ensure fairness and stability during this period of change.
Transition of Casino Operations at New Coast Hotel Manila:
Amidst the evolving landscape of Manila’s gaming industry, the transition of casino operations at New Coast Hotel Manila stands as a significant development. Formerly operated through a joint-venture partnership between Marina Square Properties, Inc (MSPI) and PAGCOR, the hotel is now poised for full control by MSPI, a subsidiary of the Hong Kong-listed International Entertainment Corp (IEC). This transition, initiated subsequent to the issuance of a provisional casino license in 2020, underscores MSPI’s strategic vision to elevate New Coast into a fully-fledged integrated resort, aligning with broader trends in the region’s gaming and hospitality sector.
Disputed Reports of Layoffs:
Contrary to recent media portrayals suggesting mass layoffs, Tengco has vehemently refuted such claims, emphasizing the provision of equitable options for all affected employees. Speaking exclusively to Inside Asian Gaming, Tengco dismissed the reports as “very incorrect,” highlighting the concerted efforts to ensure the well-being and professional continuity of the workforce. Rather than facing abrupt job terminations, employees are presented with three discerning options, each tailored to accommodate diverse preferences and circumstances.
Employee Options and Fairness:
The options extended to affected employees underscore a commitment to fairness and compassion amidst organizational transition. Foremost among these alternatives is the opportunity for employees to re-apply to MSPI, thereby retaining their positions within the evolving framework of New Coast Hotel Manila. Tengco underscores the seamless integration process, assuring that accepted employees will bypass probationary periods, leveraging their existing expertise to contribute effectively to MSPI’s operational objectives. Additionally, employees are afforded the choice of a retirement plan, ensuring compliance with legal mandates while providing financial security commensurate with years of service. Moreover, PAGCOR has unveiled 1,000 new positions within the regulatory framework, offering existing employees avenues for career continuity within the broader spectrum of gaming oversight.
Investment and Redevelopment Plans:
MSPI’s commitment to the redevelopment of New Coast Hotel Manila underscores a transformative vision for the iconic property. With investments poised to exceed US$1.2 billion, the redevelopment initiative heralds a new era of sophistication and innovation within Manila’s hospitality landscape. Notably, strategic partnerships, such as the agreement with Malaysian gaming equipment distributor RGB for the acquisition of slot machines, further accentuate MSPI’s commitment to delivering unparalleled gaming experiences at New Coast.
Amidst the dynamic evolution of Manila’s gaming and hospitality sector, Alejandro Tengco’s decisive stance underscores a commitment to transparency, fairness, and employee welfare. By disputing erroneous reports of layoffs and elucidating the multifaceted options available to affected employees, Tengco reaffirms PAGCOR’s role as a steward of equitable employment practices within the Philippine gaming industry. As New Coast Hotel Manila embarks on a transformative journey under MSPI’s stewardship, the principles of fairness and inclusivity remain steadfast, ensuring a harmonious transition for all stakeholders involved.