According to the information revealed by the head of the Philippine Amusement Gaming Corp, Cristino Naguiat, the local gambling sector is going to experience further development and become even more competitive on a global scale.
What made the PAGCOR official so convinced of the revival of the Philippines’ gambling segment was the increased number of VIP players attracted by the junket operators.
The chairman of PAGCOR expressed his hopes that the local gambling sector is likely to undergo “another double-digit growth”. Apart from the success achieved by junket operators another key factor for the rapid growth of the casino industry is the opening of the mega resort City of Dreams, managed by Melco Crown Resorts Corp.
An important specification has to be taken into consideration, though. Despite the optimistic prognosis, the Philippines gambling industry is not as well-developed as the Singaporean one.
However, it is developing with a tremendous speed, while the neighboring gambling hubs keep reporting problematic revenues and decline of players.
In comparison, Macau-based casinos have been reporting decline over the last couple of months, while the Philippines reported an increase equal to 16% YOY.
In addition, the VIP and the junket players visiting the Philippines-based casino venues increased by 50% in one year.
Despite the fact that the Philippines casinos are thriving, while the majority of neighboring venues are declining, it does not mean that the venues are going to operate without being pressed by the competition. It is a well-known fact that the South Korean and Vietnamese gambling markets are fast developing as well.
Yet, City of Dreams Manila is expected to make the region a well-attended and appealing to players in spite of the rivalry.
The expectations for the next few years are the gaming revenues to go beyond US$4 billion in 2017, due to the increased number of foreign players and domestic consumption.
The optimistic forecast of Mr. Naguiat comes at a critical moment for the Asian gambling sector. Last month, the Chinese President announced that he is going to intensify the anti-corruption campaign, which is believed to be among the main reasons for the issues that have befallen the Asian gambling sector.
However, the head of PAGCOR announced that the local gambling sector will continue developing regardless of the complicated situation in China because the Philippines’ gambling market does not rely solely on the Chinese players in order to generate a stable income.
In conclusion, Mr Naguiat said that the more Chinese players come to the Philippines-based casinos, the better but the local gambling officials are hopeful that they will attract foreigners from all over Asia.
