The Philippines is the country which invented the karaoke and yo-yo. A country with over 7,000 tropical islands, and over a 100 million inhabitants is yet to be fully discovered by the rest of the world.
Lying in the shadows of its well-known neighbors Thailand, Malaysia, Indonesia and Vietnam, it has been struggling with poverty, over population and corruption, attempting to attract foreign investments in order to boost its economy.
Benigno Aquino III, the current president of the Phillipines, has promised high economic growth and anti-poverty measures ever since his election campaign in 2010. And he seems то have kept those promises. The first half of this year, the Philippines reported an economic growth of 6.4%, which was the second-largest in Asia. International investors had also contributed to that.
A major example is the fact that the richest person in the Philippines, the fourth richest in Australia and a Macau gambling tycoon have expressed their interest in the gambling future of the Philippines, by betting for a large joint-venture in Manila. This $1 billion casino resort will strengthen Manila’s reputation as one of the best casino entertainment destinations in the region, and will slowly but surely become a strong competitor to the Asian gambling Mecca – Macau.
James Packer, Australia’s richest person stands behind the company Crown Limited, and has expressed his interest in investing in the casino industry by having a 1/3 stake in a Macau joint venture. He is also known for the controversial deal with the media magnate Rupert Murdoch, selling his families holding in Consolidated Media, and severing his influence in Australia’s publishing and broadcasting media.
His connection with Ho is a joint venture called Melco Crown Entertainment, holding nearly a fifth of Macau’s gambling market. Ho has an interesting past also, being one of seventeen children of casino magnate Stanley Ho. Stanley Ho has filed a law suit against his son, attempting to keep control over Macau’s casino industry (having maintain 30% of the market for over four decades).
Henry Sy, the richest man in Philippines is most known for being the founder of the largest mall operator. His family also controls Amusement Corp and Premium Leisure.
The venture between Ho, Packer and Sy will surely boost Philippines’ reputation as an economically stable country, shedding its former ‘sick man of Asia’ label. President Aquino’s government has a goal of reaching ten million tourists by 2016, from the present 4.2 on an annual basis. This casino joint venture will contribute to making that goal into a reality.
As experts say, supply drives demand in this type of business. Increasing casinos in a destination will surely raise its overall appeal to potential clients. Knowing that Macau focuses on VIP rollers who make up to seventy percent of its gross gambling earnings, the Philippines is ready to serve mid-level clients.
Filipinos are also expected to contribute to the increase in the gambling revenue, as the middle class population is about to increase from 24 (in 2010) to 65% in 2030.
Presently, all Filipino gambling license holders are listed in the Forbes magazine’s richest list.
