Philippines business news - gaming   

According to statements released by three international credit rating agencies recently, the gaming sector in the Philippines will continue to experience a double-digit revenue growth. The main reason for this is the anticipated opening of additional privately-owned casinos in the country. Fitch Ratings, who published its ‘Eye in the Sky Series: Philippines' report, this expansion will continue to be driven along by government-owned Philippine Amusement, and Gaming Corporation's – or Pagcor's – gaming complex Entertainment City.

The report outlined the fact that: ‘The initial results of the first two casinos operated under provisional licenses granted by Pagcor, namely Resorts World Manila and Solaire, are encouraging relative to the investments made. Fitch Ratings expects double digit gaming revenue growth to continue. City of Dreams Manila is unlike anything you have experienced before. Envision a world of exhilarating gaming spaces, world-class dining experiences, 5-Star accommodations, iconic architectural art such as the Fortune Egg and the world's first, DreamPlay. City of Dreams Manila provides exhilarating gaming facilities, international standards of retail, world-class hospitality and other innovative lifestyle and entertainment offerings.
Macau casino giant Melco Crown Entertainment are behind the City of Dreams Manila project. They recently announced that their luxury hotel chain Nobu Hotel will become the second major hotel brand at the casino it is currently building in Pasay City's gaming complex.
Fitch Ratings did underscore their comments with a note of caution, stating that the Filipino gaming growth trajectory beyond 2017 would be much harder to forecast. This was because of the constraints and risks that are liable to be in place once the next wave of Macau projects commence operations.
A spokesman stated: ‘We think it will be difficult for the Philippines to surpass Singapore in terms of gaming revenues - roughly $6 billion - before the end of this decade'.
Nevertheless the Philippines does enjoy a reputation for being a relatively sure gaining market. Several diverse forms of gambling are available to customers, including casino-based games – operated by Pagcor.
At present the main operators who are licensed to operate in Pagcor's Entertainment City. This includes Travellers International Hotel Group, a joint venture between Genting Hong Kong and Alliance Global and Enrique Razon's Bloomberry Resorts Corp, a local Filipino conglomerate.
As well as these gaming enterprises there is also a joint venture between Melco Crown and Henry Sy's Belle Corporation; as well as Kazuo Okada's Tiger Resorts. Pagcor happens to be the key regulator in the Philippines, operating a dozen casinos, a quarter of which are in the capital, Manila.
Recently, the Pagcor chairman and chief executive, Cristino L. Naguiat Junior, stated that Philippines gaming industry was on track to hit its 25 percent growth. This was mainly due to the opening of billionaire Enrique Razon Junior's Solaire Resort.