Seeking foreign investment
Casino operators in the Philippines are hopeful that President Rodrigo Duterte’s October visit to China will mean more Chinese tourism and possibly more patronage by those coveted Chinese high rollers.
According to the Philippine Star, Duterte, accompanied by 400 members of the business community, went to China in hopes of improving relations between the countries and boosting foreign investment in the Philippines. The gaming industry is particularly interested in the outcome, reported the World Casino Directory: Solaire Resort & Casino, a Bloomberry Resorts property, Genting’s Resorts World and Melco Crown’s City of Dreams Manila all rely heavily on gamblers—chiefly VIPs—from Mainland China.
From January through June of this year, Bloomberry reported that VIP gaming revenue accounted for 49.5 percent of its overall revenues. The same was true of Melco Crown, which saw 43.1 percent of revenues coming from VIPs. And Resorts World Manila recorded that 36.6 percent of gaming revenues came from high rollers, reported WCD.
“We are optimistic that visa requirements would be relaxed for visiting Chinese tourists to the country,” said Willy Ocier, vice chairman and executive director of Philippine gaming company Belle Corp. “We hope some tourists will find their way to our integrated resorts for their dining and entertainment experience as well.”
Last month, China and the Philippines signed an agreement to boost tourism-related travel between both countries and encourage investment in tourism, reported the Business Mirror. The tourism-cooperation program will last through 2022 and help to normalize diplomatic ties between the countries.
The Philippines Department of Tourism has set a target of more than 632,000 Chinese visitors by the end of this year and almost 730,000 in 2017. In 2015 Chinese visitors to the Philippines grew 24.3 percent to 490,840.
