In the Philippines, a steady stream of foreign high-rollers reportedly helped to push aggregated gross gaming revenues for 2018 up by around 13% year-on-year to hit an all-time high of approximately $3.79 billion.
According to a report from GGRAsia citing a Tuesday story from the Reuters news service, the annual figures came from the Chairman for the Philippine Amusement and Gaming Corporation, Andrea Domingo, and represented a swell of over $900 million when compared with the final tally for 2017.
Better times ahead:
Domingo reportedly detailed that the Philippine Amusement and Gaming Corporation’s own aggregated gross gaming revenues for 2018 are forecast to reach in excess of $1.89 billion in advance of predicting that the nationwide total for 2019 is expected to grow by around 8.5% year-on-year to attain a new record of about $4.11 billion.
Domestic market feeling ‘threatened’:
She reportedly explained that 2019’s optimistic estimate comes despite the domestic market feeling ‘threatened’ by large-scale casino developments currently in operation or being planned for the nearby nations of Cambodia, Vietnam and, eventually, Japan.
The source further reported that the Philippines is home to numerous Las Vegas-style integrated casino resorts including Melco Resorts and Entertainment Limited’s 15-acre City of Dreams Manila venue as well as the $1.2 billion Solaire Resort and Casino property from the Bloomberry Resorts and Hotels Incorporated subsidiary of Manila-listed Bloomberry Resorts Corporation. The market’s nine private operators are purportedly responsible for some 1,110 gaming tables while the state-owned Philippine Amusement and Gaming Corporation’s portfolio encompasses a further 470 units alongside a collection of some 9,679 slots.
Domingo reportedly told Reuters…
“All the integrated casino resorts are doing very well. If you have critical mass and a safe environment, gamblers will still be there.”