The Philippine Amusement and Gaming Corporation (PAGCOR) and San Miguel Corporation (SMC) broke ground Thursday the state gaming firm’s new corporate office building at the Bagong Nayong Pilipino complex in Pasay City.

PAGCOR chair and CEO Alejandro Tengco and SMC chairman Ramon Ang led the groundbreaking rites.

PAGCOR said the P2.45 billion Corporate Center which will be fully financed and constructed by SMC, is expected to be completed in 2028.

It will have a floor area of 40,000 square meters, with an additional 15,000 square meters designated for comprehensive fit-out.

“We are truly blessed to witness this historic moment as we lay the groundwork for a vision that reflects our identity, core values and aspirations as an organization,” said Tengco.

“Since PAGCOR will not occupy all 40,000 square meters, we plan to lease some of the commercial spaces to generate rental income. These rental earnings should be enough to cover the building’s maintenance costs,” he added.

The construction of PAGCOR’s Corporate Center is part of the 25-year lease agreement entered into by PAGCOR with SMC on Dec. 12, 2024.

Aside from funding the building construction, SMC will pay monthly rental fees – with an annual escalation – for the use of PAGCOR’s 13-hectare Nayong Pilipino property for aviation-related projects.

Ang said the construction of the corporate center represents a mutually beneficial partnership between the state gaming firm and the conglomerate.

“This is a mutually beneficial partnership between PAGCOR and SMC. While SMC will construct the Corporate Center, we will also use PAGCOR’s Nayong Pilipino property to build infrastructure that will complement airport requirements," Ang said.

PAGCOR PHOTO