The Philippine gaming industry will continue to ramp up materially over the next few years, Fitch Ratings said in a report released Friday.
In the “Eye in the Sky Series” on the Philippines, Fitch said it “expects double-digit gaming revenue growth to continue at least well into 2015.”
The forecast is backed by plans to fully operate City of Dreams Manila – a development by Melco Crown Entertainment Ltd. in gaming and entertainment complex Entertainment City, Parañaque City – within the year, which is expected to attract gamers before the next wave of Macau projects start operations.
First Grade Finance Inc. managing director Astro del Castillo said bullish expectations on gaming revenues is simply in tandem with government efforts to bolster tourism receipts.
“Revenues – moving forward – will be better compared to previous years… It’s a sunrise industry.” Del Castillo told GMA News Online.
Other than City of Dreams, Entertainment City also houses Solaire Resort & Casino by Bloomberry Resorts and Hotels Incorporated.
Genting Hong Kong and Alliance Global Inc.’s (AGI) Resorts World Bayshore and Universal Entertainment Corporation’s Manila Bay Resorts are also under construction in the complex. A separate development and the first by Genting and AGI’s Resorts World Manila sits across the Ninoy Aquino International Airport Terminal 3.
“The initial results of the first two casinos operated under provisional licenses granted by PAGCOR (Resorts World Manila and Solaire) are encouraging relative to the investments made,” Fitch noted.
Fitch, however, thinks it is difficult for the Philippines to surpass roughly $6 billion in gaming revenues being raked in by Singapore, and that risks and constraints cloud the Philippine gaming industry outlook post-2015.
Among these are the dual role of operator and regulator Philippine Amusement and Gaming Corporation, as well as proposed legislation restricting operations through taxes and changes in licensing.
Some constraints are more structural and political in nature, including the decrepit infrastructure system and territorial disputes with China – a key source of players in the gaming industry.
Del Castillo said regulatory risks – much like in “any other industry in the country” – pose the biggest threat. – VS, GMA News
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