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SOURCE: Press and Public Affairs Bureau


PAGCOR-VANDERWOOD LEASE CONTROVERSY

PAGCOR-Vanderwood lease controversy
 

16 February 2017 09:35:43 AM

The House committee on good government and public accountability chaired by Rep. Johnny T. Pimentel (2nd District, Surigao del Sur) started the inquiry on the 15-year, P3.2 billion lease contract entered into by the Philippine Gaming and Amusement Corporation (Pagcor) with Vanderwood Management Corp. for a 6,500 sq. m. area casino gaming facility at the Museo ng Maynila Complex in the amount of P13 million monthly rental. Of the total amount, P234 million has already been paid, representing 12 months advance rental and six months security deposit, even without the existence of the gaming building yet. The city government leased the property to Oceanville Hotel and Spa Corp. in January 2014 for P300,000 a month. Oceanville then subleased the property to Vanderwood for the same amount. Speaker Pantaleon D. Alvarez asked former Pagcor chairman Cristino Naguiat Jr. and other Pagcor officials why they agreed to the deal when the building has not yet been built.

 
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