Philippines in gleeful anticipation of $2.5b from gaming

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Solaire casinoThe Philippines gaming industry is expected to generate revenue of about $2.5 billion by the end of 2013, the state-owned gaming monopoly Philippine Amusement and Gaming Corp. (Pagcor) said at a media conference on June 16 in Manila.

The revenue will be driven mainly by the newly opened Solaire Resort and Casino Manila, it added. In 2012, gaming revenue was $2 billion. So far, the bulk of gaming revenue has come from Resorts World Manila.

The Solaire casino, a five-star integrated resort-and-casino complex, is the first of four entertainment hubs to rise at the state-run Bagong Nayong Pilipino Entertainment City in Parañaque City.

Pagcor has given four groups licenses to build their respective integrated resort-casino complexes at Entertainment City: Bloomberry (Solaire Manila Resort & Casino), Belle Corp. (Belle Grande Manila Bay), Tiger Resorts Leisure and Entertainment, Inc. (Manila Bay Resorts) and Travellers International Hotel Group, Inc. (Resorts World Bayshore).
Gaming industry revenues could even reach as much as $10 billion with the rise of Entertainment City, Pagcor said.
The casino projects are indeed boosting the Philippine economy. Melco Crown Philippines, a subsidiary of Macau-based Melco gaming group, which is co-developing the Belle Grand, in April 2013 raised almost $400 million from a equity offering at the Philippine Stock Exchange. In June, Singapore’s state investors acquired 5.02 per cent of Melco Crown Philippines.

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The Philippines gaming industry is expected to generate revenue of about $2.5 billion by the end of 2013, the state-owned gaming monopoly Philippine Amusement and Gaming Corp. (Pagcor) said at a media conference on June 16 in Manila. The revenue will be driven mainly by the newly opened Solaire Resort and Casino Manila, it added. In 2012, gaming revenue was $2 billion. So far, the bulk of gaming revenue has come from Resorts World Manila. The Solaire casino, a five-star integrated resort-and-casino complex, is the first of four entertainment hubs to rise at the state-run Bagong Nayong Pilipino Entertainment City...

Solaire casinoThe Philippines gaming industry is expected to generate revenue of about $2.5 billion by the end of 2013, the state-owned gaming monopoly Philippine Amusement and Gaming Corp. (Pagcor) said at a media conference on June 16 in Manila.

The revenue will be driven mainly by the newly opened Solaire Resort and Casino Manila, it added. In 2012, gaming revenue was $2 billion. So far, the bulk of gaming revenue has come from Resorts World Manila.

The Solaire casino, a five-star integrated resort-and-casino complex, is the first of four entertainment hubs to rise at the state-run Bagong Nayong Pilipino Entertainment City in Parañaque City.

Pagcor has given four groups licenses to build their respective integrated resort-casino complexes at Entertainment City: Bloomberry (Solaire Manila Resort & Casino), Belle Corp. (Belle Grande Manila Bay), Tiger Resorts Leisure and Entertainment, Inc. (Manila Bay Resorts) and Travellers International Hotel Group, Inc. (Resorts World Bayshore).
Gaming industry revenues could even reach as much as $10 billion with the rise of Entertainment City, Pagcor said.
The casino projects are indeed boosting the Philippine economy. Melco Crown Philippines, a subsidiary of Macau-based Melco gaming group, which is co-developing the Belle Grand, in April 2013 raised almost $400 million from a equity offering at the Philippine Stock Exchange. In June, Singapore’s state investors acquired 5.02 per cent of Melco Crown Philippines.

Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

 

 

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