City of Dreams will contribute to spike
The casino industry in the Philippines could see significant growth in 2014, in part because of an influx of Chinese high rollers. But members of that elite group, many of whom have fled the casino city of Macau, are only part of the reason this area could experience double-digit revenue growth.
“China is not our number one market,” Cristino Naguiat, chairman of the Philippine Amusement and Gaming Corp., told the Philippine Daily Inquirer. “Of course, more Chinese coming here would be better for us, but of 100 million outbound Chinese tourists, we get less than 1 percent of that. It’s relatively small. There’s a wider mix of nationalities coming here to play in our casinos.”
The head of PAGCOR said “double-digit growth is very possible” for the industry’s gross gaming revenues. Another reason for the boost will be the new $1 billion City of Dreams development, which opened in the Entertainment City complex in Manila.
According to the Inquirer, in 2014 the casino industry experienced a 16 percent increase in gross gaming revenues compared to 2013, with consolidated revenues valued at $2.5 billion.
Naguiat says gaming revenues for Macau and Singapore declined in 2014 by double digits, while that of the Philippines increased at the same rate.
“At $2.5 billion for 2014, we’re still lower than Singapore’s,” he said. “But ours is increasing while the rest are declining.”
