The Casino Industry In The Philippines Is Set To Explode
The anti-corruption crackdown in Macau targeting the casino industry has driven away the VIP gamblers and big money spenders who have no interest in falling into the arms of the authorities. Now that Beijing has confirmed that it will not relent in its anti-corruption crackdown, these VIP gamblers have decided to find a new haven to gamble.
Neighbouring countries that have more friendly gambling laws have taken advantage of Macau’s loss and have opened their doors to these VIP gamblers. Countries such as Vietnam, Singapore, Cambodia, Malaysia and South Korea have benefited from an influx of gamblers from Mainland China. The Philippines has been one of the biggest beneficiaries as Macau’s loss as the casino industry in the Philippines has witnessed significant growth during the past few months. The Philippine’s government has also encouraged foreign firms to invest in its growing casino market.
Billion dollar casino firms have already taken up this offer and the Macau Resources Group Ltd along with US-based Sino-American Gaming Investment Group have opened up talks with the state gaming regulators in the Philippines. These two companies are looking to get an approval to construct two mega casino resort projects estimated to be around $1 billion each just outside of Metro Manila. If the state gaming regulators approve the project, then one casino resort will be constructed close to the proposed airport in Napayawan, Masbate while the second one will be in Cebu City.
There are currently a number of mega casino resorts established in Metro Manila and the competition is getting fiercer by the day. The Malaysian backed Resorts World Manila, Melco Crown Entertainment’s City of Dreams Manila and Bloomberry Resorts’ Solaire Resort Casino have already established themselves in Metro Manila. The vice-president of gaming licensing and development at the Philippine Amusement and Gaming Corp. (Pagcor) recently issued a statement saying that companies who apply for a gaming license outside of Metro Manila have a higher chance of obtaining one than those trying to establish one in Metro Manila.
Two more mega casinos are set to open in the next couple of years. The first is Manila BayResorts is being financed by Japanese billionaire Kazuo Okada. The second is Manila Bayshore which is a joint venture between Malaysia’s Genting Group and Alliance Global Group Inc. Caesars Entertainment Corp has also expressed its intention of entering into the Philippine market and established its brand. With so much investment pouring into the casino industry, the Philippines is all set to become one of the top gambling destinations in the world.
