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may
17

Casino Industry in the Philippines predicted to Earn More than Macau and Nevada

Tags: casino, Macau, Philippines.
Posted on 17 May 2019 by "K".

Casino Industry in the Philippines predicted to Earn More than Macau and Nevada

The Republic of the Philippines is enjoying the spotlight this time when it comes to being the country with the most growth in terms of casino revenues in just a short period of time.

After analyzing Bloomberry Resorts’ first quarter results, an analyst for Morgan Stanley Asia Ltd named Praveen Choudhary said that the Philippines casino sector is significantly growing faster than “Las Vegas, Macau and Singapore.”

The first quarter results showed 40% higher revenues year-on-year. Based on those results, the firm predicted the Solaire operator shall be experiencing a growth of 16% on its EBITDA (earnings before interest, taxation, depreciation and amortization) for the year 2019.

This quick growth would mean that it will notably surpass the Macau operators who are projected to achieve an EBITDA of around 4% only. Furthermore, the GGR (gross gaming revenue) of Macau has suffered, dropping 0.5% for the first quarter. Even Las Vegas performed better and saw taxable GGR rise to 3.8% in its first quarter.

In contrast to that, Solaire’s GGR for VIP play fell, same for Macau too, by 15.9%; however, it was saved thanks to a 23.5% increase in mass-table play, which resulted to the 16% forecast for the year.

Upon checking other Manila casino operators, all of them look like they are enjoying a progressive and linear growth. Okada Manila reported strong GGR numbers all throughout the year, whereas Resorts World Manila also reported strong income revenue even if there was a bit of decline in their profits.

Just this week, local media reported that PAGCOR (Philippine Amusement and Gaming Corporation) remittance was on record high. PAGCOR chairman and CEO Andrea Domingo (the lady in pink in the picture below) said, “In 2018, we recorded our highest revenue in history, which amounted to P104.12 billion. This feat enabled our agency to significantly increase our contributions to nation-building by 42.52 percent.” From P41.36 billion in total contributions in 2017, PAGCOR remitted a combined P58.95 billion to the national coffers and other mandated beneficiaries in 2018 and of its revenues last year, P67.85 billion came from the agency’s income from gaming operations while P36.27 billion came from other income including the sale of PAGCOR’s land in Entertainment City to Bloomberry Resorts Corp., netting P32.71 billion for the government.

With Bloomberry set to build a future casino in the Vertis North complex of Quezon City (a place with lots of people but doesn’t have high-end entertainment options), the casino industry in the Philippines will just continue to grow even more.

There’s also a possibility of new licenses to be awarded since Philippine President Rodrigo Duterte recently confessed that he won’t “meddle with gambling anymore”.

If the current government simply allows the industry to invest as much as it wants to in the country, then the Philippines casino industry could grow even faster.

 


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18 comments for "Casino Industry in the Philippines predicted to Earn More than Macau and Nevada"

 bowie198417/05/2019 23:04:40 GMT
But opposed to the Macau or Nevada casino outlets - the Philipphines have stricter laws and rules in an around the country so any other tourist out there who wants to pick a destination holiday-wise might take a good second look to where he would want go still...
 Mober18/05/2019 09:43:50 GMT
As we see the gambling all over the world grows.
And countries tha had strict rules about is, are changing the news and adopting
the new business. And why not since it can provide extra taxes, for each country.
I believe in a few years they will stop the fairy tale about "we care about our citizens"
that is why gambling is banned Smile
 pajalnick18/05/2019 10:58:58 GMT
Of course, banning casinos and poker games all over the world is something that goes against the policy of tolerance for people .... everyone is free to do what he likes .... but the government imposes restrictions and it is discrimination ... but some countries on the contrary go to meet people who want to play .... it's cool
 CALICUL18/05/2019 16:57:05 GMT
The Philippines will become a very visited country by Asian tourists if they arrange and will create good conditions for casinos in this country. Their accumulated power produces billions of dollars in profit and will become a successful competitor for other big names of the industry.
 Mober19/05/2019 10:30:55 GMT
There are already many tourist going to Philippines.
It is a country with great scenery and amazing views.
So why not creating a casino there? Already the gambling going upwards in the asian
region, and we can see that, by the constant developments in the area.
When you are a tourist or a visitor, in a foreign country and you have a casino nearby...
wont you pay a visit? Smile
 Gerimantas19/05/2019 15:48:00 GMT
To people who just like sometime to play and also visit different countries it is very good to see more places become big and more casino open and beautiful hotels too. Also because big competition it is situation where prices become more cheap
 CALICUL19/05/2019 17:47:59 GMT
This is true and this country can earn a lot of money from this industry. It's not easy to attract tourists in casinos, when they visit a country but there will be many players, who will play and tourists from all Asia who come especially to play.
 dule-vu20/05/2019 10:38:18 GMT
I didnt know that they invest so much in gambling industry and that they allow gambling in this conditions and that people can spend so much on philippines!ofcourse its good for their economy,this bring more people and they take a lot from taxes!
 victor09621/05/2019 05:27:15 GMT

Hello, may the Philippines become a country visited by Asian tourists if they organize and create good conditions for the casinos in this country. Its accumulated power produces billions of dollars in profits and it will become a successful competitor, we all have the right to a free opinion.
 Mober21/05/2019 11:46:26 GMT
It is not a country visited only by asians. Yes it is easier for them to access the country,
since it is closer, but the tourists go there from all over the world.
You can find here in greece some great packages very low valued for vacations there.
The scenery alone is breath taking in many places.
And then you just need a little side money for the casinos Smile
 pajalnick21/05/2019 12:24:47 GMT
as far as I know Macau has always been a zone for playing various games and casinos .... And therefore this is a wonderful place to use historically established places for the right purposes ... as it seems to me to be quite correct ... Therefore, I can only greet it .. . I hope that in my country the laws will change and it will be possible to play not only in specially designated places but everywhere
 CALICUL21/05/2019 17:08:41 GMT
Macau will cry if the Philippines will compete successfully in the casino industry. This administrative region Macau will lose many clients and not will earn so much money like in the past. It will be difficult, but they will resign. This is the situation in business.
 dule-vu22/05/2019 11:56:42 GMT
philippines are cheap country for everything,to sleep,eat,enjoy,only thing that is expensive is air ticket,but other things you pay less then in europe!with this kind of things you can enjoy in casino games,who like this kind of gamling ofcourse!
 Mober22/05/2019 12:10:50 GMT
Such business are nt affected that easy. The distance between them is big,
two different counties after all.
While there are people visiting areas for their casinos only, these are not that many,
in order to support a casino business alone.
They are counting in the tourism in general i think.
 CALICUL22/05/2019 17:15:19 GMT
Believe me, the competition between them will be a very big one. There will be frustrations both sides, but life goes on and they will be pleased with what they can win, each one. Even though the distance is great, they have another way of thinking. They think to the business mode, not like us. Smile
 Mober23/05/2019 12:34:59 GMT
We had casinos here opening in nearby cities and the impact wasnt that big.
And you think this will happen with casinos in different countries?
Well i dont.
It is a huge industry, and the way the economy goes, there will be room for more and more
of them.
Why you think suddenly countries allowing the opening of casinos?
 thejonas223/05/2019 13:48:19 GMT
There are already many tourist going to Philippines.
It is a country with great scenery and amazing views.
So why not creating a casino there? Already the gambling going upwards in the asian
region, and we can see that, by the constant developments in the area.
When you are a tourist or a visitor, in a foreign country and you have a casino nearby...


------------
There are already many tourist going to Philippines.
It is a country with great scenery and amazing views.
So why not creating a casino there? Already the gambling going upwards in the asian
region, and we can see that, by the constant developments in the area.
When you are a tourist or a visitor, in a foreign country and you have a casino nearby...
 CALICUL23/05/2019 17:10:20 GMT
Competition will be seen in earnings money of the Macau casinos. Competition in big Casinos it is at global level. Small casinos can not compete high, if their total amounts are not gathered for a single name in this industry. Countries allow casinos to open for several reasons, not necessarily to attract tourists. Tourists who visit countries, many of them they do not come to see casinos. The competition between big names in the industry exist.


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