Phl gaming revenues seen to rise this yr

MANILA, Philippines - Philippine gaming revenues are seen to grow double digit this year with the opening of Macau casino giant Melco Crown’s City of Dreams in Manila and this figure is expected to increase further to $6 billion to $7 billion by 2020 with the full development of 100-hectare Las Vegas-like gaming and entertainment hub along Roxas Boulevard.

Philippine Amusement & Gaming Corp. chairman Cristino Naguiat Jr. said the local gaming industry can easily post double digit growth this year from $2.2 billion in 2013.

He said gaming revenues could have grown by 20 percent without  the long-standing dispute with China.

The rising tension between China and the Philippines stemmed from a territorial despite over the Scarborough Shoal, a rich fishing ground in the West Philippine Sea.

Naguiat said the the dispute has become a deterrent for Pagcor’s goal to attract millions of affluent Chinese gaming market.  China issued an advisory urging its people not to travel to the Philippines.

However, he continues to be bullish on Philippines’ potential of eventually becoming the number two gaming and entertainment destination in Asia, with total gaming revenues expected to reach $6 billion to $7 billion by 2020 or in the next five years with the operation of all four gaming proponents in Pagcor Entertainment City.

Naguiat said the country’s gaming market may be comparable if not better than Singapore and could outpace Las Vegas.

Melco’s City of Dreams Manila, a joint venture between Melco and retail tycoon Henry Sy’s Belle Corp., is slated for opening in the third quarter this year

It  will  have six hotel towers with a total of 950 rooms from three hotel brands as well as a number of high-end specialty restaurants and bars.

The group of Japanese businessman Kazuo Okada will open its integrated resort in first quarter of 2015 while Travellers International Hotel Group, a joint venture between Malaysia’s Genting Group and real estate tycoon AndrewTan,  is targeting to open Manila Bayshore by 2016 or 2017.

The development of Entertainment City is in line with Pagcor’s strong  commitment to the government’s program of making tourism one of the main engines of economic growth and hitting the  national target of 10 million tourist arrivals by 2016.