Standard and Poor’s Ratings Services, a credit ratings firm, believes that the Philippine gaming industry is currently ‘solid’ and expects growth to be at a “strong” pace in the next couple of years. Having said that, S&P did stop short in offering any tangible estimates, citing the growth will all depend on the kind of success Entertainment City is going to have when it officially opens in the coming years.
Whatever the case may be, it’s hard to ignore the positive reviews the Philippine gaming industry has been receiving, especially in light of the continuous growth of revenue the country has been having through the Philippine Amusement and Gaming Corporation (Pagcor). The credit ratings firm already said that last year, the Philippines ranked as the third fastest-growing market in the Asia-Pacific region with only Macau and Singapore placing higher in the proverbial standings.
With the positive vibes seemingly growing by the day, S&P is forecasting that “gross gaming revenue will increase well-above annual GDP rates” despite shying away from making any concrete estimates on the matter.
S&P cited a number of factors that makes the Philippines a gambling attraction in the region. For one, the country’s location at the center of the Asia Pacific region makes it an attractive destination for foreign gamblers. The relatively low gaming tax is also a boon for gamblers. But the most important thing the country has going for it is the impending opening of the highly anticipated Entertainment City, which, when fully open, will come with four world-class casino resorts, including one each from Belle Corp, Bloomberry Resorts and Hotel, Universal Entertainment, and Travellers.
The earliest to open is Bloomberry’s Solaire Manila, which has already set a target to have its opening in March 2013.
Add all these factors together and it’s easy to see why S&P is bullish on the prospects – and the future – of the Philippines’ gaming industry.
