As previously reported, the Philippines-based casinos have all chances of becoming the most attractive gambling hub in Asia. It seems like the country has not been affected by the crisis the Asian gambling sector and Macau in particular, is experiencing.
Actually, the Philippines is believed to greatly benefit from the anti-corruption campaign of the Chinese President Xi Jinping and the reports released by the most prominent companies just come to prove of that statement.
The company that is in charge of Resorts World Manila, Travellers International Hotel Group, announced that its net profit doubled YOY to reach ₱5.45 billion or $121.6 million.
As for Bloomberry Resorts, company reported an impressive increase in the net profit. It was estimated at ₱4.07 billion. In comparison, when their property, Solaire Resort & Casino, opened doors, a net loss of ₱1.32 billion was reported.
However, the gaming revenue of Travellers marked a slight decline but market analysts attributed it to the increased competition as well as to the fact that casino executives focused on attracting mass players and the VIP tournaments were somehow abandoned.
As for the gross gaming revenue reported by Bloomberry, company officials announced that it jumped to reach ₱30.39 billion. Bloomberry has recently announced that it is about to enter the South Korean gambling market, which is another indication that the Philippines-based companies are not influenced by the anti-corruption campaign and they even make plans for further expansion.
These numbers made the market analysts forecast that, by and large, the gambling industry in the Philippines is going to expand. What is more, the position of the City of Dreams on the local market is quite interesting.
According to them, there are two possible alternatives. City of Dreams will either share the revenues with the other casinos or its opening will take the Philippines gambling sector to new heights and the sector will undergo further expansion.
The reason why the Philippines casinos have not been befallen by the crisis is the fact that they rely predominantly on mass players, while Macau casino venues used to generate their revenues from high-roller players.
In point of fact, the gambling crisis affected some Singapore-based casinos as well but, as already mentioned, the Philippines managed to resist and apparently, local gambling officials have taken wholeheartedly the idea for making the country as popular gambling hub as Las Vegas and Macau.
