It’s not always been the case, but global rating agency Fitch Ratings has some good news for the Philippine gambling market this time around. If its projection holds true to form, the country could see an improvement of its casino market share in the next few years, driven by the opening of the three integrated resorts and casinos in Entertainment City, in addition to the one that’s already open, Solaire Casino & Resort.
According to Fitch, if the Philippine gaming market continues to improve, it can see its gross gaming revenue reach $3.3 billion by 2020, a significant increase from the $1.45 billion it’s on pace to reach by next year. It’s not exactly the kind of numbers Macau is pulling, but comparing anything to Macau when it comes to gambling is like comparing Michael Jordan to somebody like Carmelo Anthony. One’s a pretty good player, but the other one just happens the be the greatest of all time.
In any case, Fitch’s bulling estimates on the Philippine gaming market is still a ringing endorsement of the country’s continued push to become one of the premier gambling destinations in the Asia-Pacific region. An improvement of 4.5 percent to five percent in the next three to five years, as Fitch believes its capable of reaching, is a lot higher than the current estimate of just 3.3 percent.
The growth, Fitch attributes, will be attributed to the “absence of a regulatory clampdown on gaming by its citizens, growing tourist arrivals, and the rising number of integrated resorts in the country”. All three factors are important in the country achieving that level of growth, especially the part about more resorts opening in the country.
As of now, Solaire’s the only one in operation, but City of Dreams Manila, which is owned by Belle Corp. and Melco Crown, is expected to open sometime next year. From there, it’s expected that the two other licensees in Entertainment City – Travellers International and Tiger Resorts – are tipping their joints to go live in the next few years, no later than 2016. Add that to the existing gambling options available in the country and the reason for optimism by Fitch Ratings isn’t so unnerving to think about.
