Bloomberry Resorts Corporation is a Philippines-based holding Company. The Company is a developer and operator of hotels, casinos and integrated tourism resorts in the Philippines through its Sureste Properties, Inc. (Sureste), Bloomberry Resorts and Hotels Inc. (BRHI), Solaire Korea Co., Ltd. (Solaire Korea) and Golden & Luxury Co., Ltd. (G&L) subsidiaries. Its Sureste and BRHI subsidiaries develop and operate tourist facilities, including hotel-casino entertainment complexes with hotel, retail, amusement areas and themed development components. Its Solaire is a luxury hotel and gaming resort. Its Sureste and BRHI subsidiaries are engaged in the commercial operations, including gaming area and initial non-gaming amenities, such as Solaire’s hotel, food and beverage outlets. Its Sky Tower features over two restaurants, the Waterside Restobar and Oasis Garden Cafe. Its G&L operates a hotel and casino property in Jeju, Korea under the T.H.E Hotel and LVegas Casino brand names.
Bloomberry Resorts said that a court in the United States dismissed an attempt by Bangladesh’s central bank to reclaim funds that were stolen from its accounts and subsequently laundered through Philippine banks and the Solaire Resort & Casino.
Bloomberry resorts has reported a 22 percent year-on-year jump in 2019 net revenues to P46.6 billion (US$932 million). EBITDA for the year reached P19.8 billion, representing an increase of 33 percent over the previous year. Total GGR at Solaire was P59.8 billion, up 17 percent. This growth was aided by higher hold in VIP and […]
The Singaporean High Court has dismissed a petition filed by Bloomberry Resorts against Global Gaming Philippines, which accused the company of committing fraud and misrepresentation leading to its termination as the management firm for Solaire in 2013. The latest court decision upholds a ruling from the arbitration tribunal in Singapore in 2016, which ruled that […]
Bloomberry Resorts, the operator of the Solaire Resort & Casino, has been gaining shares in both VIP and mass over the first half of the year, remaining as the GGR market share leader in 2019, according to a note from Morgan Stanley analysts on Thursday. The brokerage has maintained its Overweight rating on Bloomberry – […]
Philippines-listed Bloomberry Resorts has reported a 46 percent increase in Q3 GGR at its Solaire Resort & Casino in the Philippines, driven by higher hold in VIP and strength in the mass gaming segments. Solaire’s VIP tables saw a 117 percent increase in revenue in the quarter, reaching P8.6 billion (US$170 million), while mass tables […]
Bloomberry Resorts said it will appeal a Singapore court ruling ordering it to pay $296.1 million to the Philippine unit of U.S.-based Global Gaming Asset Management in a long-running dispute over the termination of a management services agreement.
Bloomberry Resorts, the operator of the Solaire Resort & Casino in Manila, posted a 52 percent jump in Q2 net profit, fuelled by strength in all gaming segments.
Gross gaming revenue in the Philippines gained 17.4 percent in Q1 to P60 billion ($1.13 billion), with most of the gains driven by casinos in Entertainment City.
Bloomberry Resorts is expected to see an eleven percent rise in gaming revenue in 2019, driven by strong Chinese visitation and junket expansion in the ASEAN region, according to analysts from Morgan Stanley. During the first quarter of 2019, Bloomberry Resorts saw its net profit shrink 40 percent, due to lower foreign exchange gains, higher […]
Bloomberry Resorts, the operator of the Solaire Resort & Casino saw its consolidated net income plunge by 40 percent in the first quarter of the year, due to lower foreign exchange gains, higher interest expenses and weaker gaming revenues. Net income for the quarter reached P2.2 billion, while gross gaming revenues fell one percent to […]
Bloomberry Resorts on Monday has clarified that the first phase of its $308-million cruise port in Paranaque City is still in the process of securing regulatory approvals. Last week, local media reported Bloomberry chairman and CEO Enrique Razon saying that the cruise port would begin construction in the third quarter of this year. However, Bloomberry […]
Bloomberry Resorts plans to start construction of a $308-million cruise port in Parañaque City in the third quarter of the year, local media reported chairman and CEO Enrique Razon as saying on the sidelines of the group’s annual shareholder meeting.
Bloomberry Resorts, the owner of the Solaire Resort and Casino in Manila, reported record net profit in 18H1. Consolidated net profit reached P5.3 billion, the highest reported six-month earnings since opening. Net revenue increased 20 percent to P22.1 billion, while consolidated gross gaming revenues (GGR) reached P25.1 billion, up 14 percent year-on-year. Consolidated EBITDA increased […]
Bloomberry Resorts Corporation, owner and operator of the Solaire Resort & Casino, is looking north for future expansion. Its latest casino venture, which will be using the Solaire brand, is slated to be in Quezon City, the northern part of Manila, as part of a strategy to capture the untapped mass gaming sector there. Owner, […]
The Philippine Gaming and Amusement Corp. reported an 18.3 percent increase in gross revenue from gaming operations in the first half of 2018, beating its target by 9.7 percent.
Five integrated resorts have registered with the Anti-Money Laundering Council (AMLC), following policy guidelines from the Financial Action Task Force (FATF). According to an announcement from the AMLC, the integrated resort operators include Travellers International Hotel Group; Widus International Leisure; Bloomberry Resorts and Hotels, Inc.; Melco Resorts Leisure (PHP) Corporation; and Tiger Resort Leisure and […]
A subsidiary of Bloomberry Resorts Corp (BRC) on Friday announced it has been granted approval to purchase an additional 1.5 million shares of the company, which will be given as a reward to Solaire’s loyal patrons. “The board of directors of Bloomberry Resorts and Hotels, Inc. (BRHI) in a board resolution dated June 6, 2018 […]
Bloomberry Resorts Corp says it plans to begin the construction of its Quezon City integrated resort and casino from the middle of next year, local media reports. Bloomberry chairman and chief executive Enrique Razon Jr. said in an interview following the group’s annual stockholders meeting that the construction of the IR would be part of […]
Bloomberry Resorts Corp said it has completed the acquisition of the land plots on which its Solaire Resort & Casino is situation for P37.33 billion ($709.6 million).
Philippines-based Bloomberry Resorts, the operator of the Solaire Resort in Manila, was an early mover on seeking an IR license in Japan, and their main interest appears to have converged on Wakayama’s Marina City location.
Philippine casino operator, Bloomberry Resorts Corp saw strong earnings growth in the first quarter of 2018, smashing prior records. Net profit increased 71 percent year-on-year, reaching P3.7 billion (US$71.2 million). Gross gaming revenues rose 28 percent year-on-year to a record P13.7 billion. This was attributed to strong growth in both mass table drops and electronic […]
Bloomberry Resorts Corp, operator of the Solaire Resort & Casino in Manila, announced on Wednesday that it has taken out a P73.5 billion (US$1.4 billion) loan from a syndicate of banks. In a filing to the Philippine Stock Exchange, Bloomberry said the loan was used to refinance all existing loans of Bloomberry Resorts & Hotels […]
Shares in Bloomberry Resorts jumped 3.5 percent in Manila after the operator posted record results for 2017, though its gaming revenue and EBITDA in the final quarter were hit by low hold rates. In Q4, gross gaming revenues fell 2 percent year-on-year to PHP10.27 billion ($196.9 million) after the VIP hold rate fell to 1.95 […]
Takara Gaming Group said it has reached an accord with Bloomberry Resorts’ Solaire Resort & Casino to provide its gaming machine on the casino floor. “TGG has always been eyeing the potential of the Philippines market and with this agreement, it places TGG in the best position to expand the Asian VIP and the rapidly […]
Bloomberry Resorts Corporation has submitted a bid to purchase 16 hectares of land where Solaire Resort & Casino and its expansion area is located. In a filing to the Philippine Stock Exchange on Friday, Bloomberry said that the bid was submitted by its wholly-owned subsidiary, Sureste Properties Inc (SPI), which is the lessee of the […]
Bloomberry Resorts and Hotels Inc. is giving up to two million shares of the company as a reward to Solaire’s loyal patrons as part of a marketing program. The operator, which runs the Solaire Resort & Casino in Entertainment City made the announcement in a filing to the Philippine Stock Exchange on Tuesday. The company […]
Philippine Amusement and Gaming Corporation (PAGCOR) has launched a second auction for two parcels of land occupied by Bloomberry’s Solaire Resort and Casino. PAGCOR put the two plots of land, which covers some 160,359 sqm, on auction in late November. The minimum floor price for the land was priced at P37.2 billion (US$738 million). These […]
The Philippine Amusement and Gaming Corporation (PAGCOR) is launching an auction for two parcels of land currently occupied by Bloomberry’s Solaire Resort and Casino. Total area for the two plots of land is 160,359 square meters. Minimum floor price for the land is P37.2 billion, to be paid in cash. Pagcor however noted that the […]
Bloomberry Resorts Corporation (BLOOM PM), owner and operator of the Solaire Resort & Casino and Jeju Sun Hotel & Casino, posted record Q3 mass table drop and gross gambling revenue from electronic gaming machines, while VIP volumes slipped. Total gross gaming revenue at Solaire in the Philippines increased by 16.6 percent to P11.5 billion as […]
Bloomberry chairman Enrique Razon Jr. says the company is pushing ahead with its planned hotel and casino development in Quezon City despite opposition from residents. Razon was speaking in an interview with The Standard at the sidelines of the 43rd Philippine Business Conference, adding that the company is planning to start construction of its second […]
The Quezon City government says they have not received any formal applications for the development of a casino in the city, local media reports. The 38-member council issued a statement on Tuesday in response to an open letter from “concerned citizens of Quezon City” that was published in newspapers earlier in the week, according to […]
GGR and company EBITDA for three integrated resorts in Manila are expected to decline quarter-on-quarter in the 17Q3, according to analysts from Morgan Stanley. The brokerage said it expects mass market revenue to be flat quarter-on-quarter, stemming from the June shooting incident, while VIP luck is expected to normalize after strong luck in 17Q2. Bloomberry […]
Overinvestment in Philippines’ gaming industry is likely to end up in oversupply, says Bloomberry owner Enrique Razon Jr. in an interview with Reuters on Tuesday. Earlier this month, Pagcor said it will start privatizing more than 40 of its casinos across the country. Razon said this will inevitably lead to cannibalization risks. “Cannibalization – it […]
Bloomberry Resorts chair and controlling shareholder Enrique Razon has sold a portion of his stake in Philippines gaming operator Bloomberry Resorts Corporation for P3.8 billion ($74.5 million), local media reports. In an overnight placement, Razon’s Prime Metroline Holdings sold 350 million shares at 10.85 pesos per share, representing a 3.18 percent stake in the company […]
Bloomberry Resorts said second quarter consolidated net profit grew 47.4 percent year-on-year to P1.96 billion (US$38.5 million), attributed to robust growth in its Philippines gaming operation. Net revenue increased 17.8 percent to P9.9 billion in the quarter. The boost was attributed to an increase in revenue from its Solaire Resort & Casino property in the […]
Philippines gross gaming revenue is expected to grow 26 percent year-on-year in 17Q2, driven by proxy betting attracting foreign VIP revenues, along with a low sequential growth in mass, says Morgan Stanley. Industry EBITDA is also expected to see growth in the quarter, driven by Bloomberry and Melco, but partially offset by Travellers, it said. […]
Philippines is set to emerge as the largest entertainment market in ASEAN – surpassing that of Singapore due to favorable policies and infrastructure development, says Morgan Stanley. “…the Philippines has favorable policies (allowance of junkets, proxy betting and so on) and strong tourist arrivals to drive foreigners’ revenue. Local spending is backed by a strong […]
Securities and Exchange Commission chairperson Teresita Herbosa says the current P5 million (US$100,000) threshold for casinos should be lowered to cover more suspicious transactions, local media reports. Herbosa, who is a member of the Philippines Anti-Money Laundering Council (AMLC) said the Philippines may still risk being included again on the grey list of the Financial […]
Bloomberry Resorts’ Solaire Resort and Casino saw a number of guest cancellations following last week’s attack at Resorts World Manila, but executives continue to be optimistic for the rest of the year, The Inquirer reports. On Thursday, Bloomberry Resorts Corporation chair Enrique Razon Jr. said the company saw guests and players withdraw their reservations from […]
Bloomberry Resorts swung to a profit in Q1, boosted by record VIP volumes and rising mass and slot revenues. The operator of the Solaire Resort & Casino in Manila’s Entertainment City posted a profit of 2.15 billion pesos, compared with a loss of 1.15 billion pesos in the prior year quarter. Revenue surged to 8.58 […]
Philippine casino operator Bloomberry Resorts Corporation will likely begin development of its second hotel and casino project in early 2018 instead of 2017, local media reports. In a recent interview, Bloomberry chairman Enrique Razon Jr. noted that the Quezon City property where it will stand had yet to be cleared of informal settlers, reports Rappler. […]
Philippine casino operator Bloomberry Resorts Corporation posted a net profit of P2.3 billion (US$46.1 million) for the year ended December 31, 2016, according to a filing to the Philippine Stock Exchange on Friday. The profit result was a strong turnaround from the P3.4 billion (US$66.9 million) net loss recorded in 2015. Bloombery said that results […]
An integrated resort in Japan could cost up to US$10 billion to develop, says Las Vegas Sands chief Sheldon Adelson. Adelson, who has plans for his company to win operating rights in the country, made the comments during an investor conference in Tokyo, according to a report from Reuters. “It would be at least what […]
Bloomberry Resorts Corp. has confirmed it is considering investing in a gaming business in Japan, according to its filing to the Philippine Stock Exchange. “This possible expansion in Japan is part of the Corporation’s ordinary course of business in searching for business opportunities in the Philippines and abroad,” it said. The company told the stock […]
Bloomberry Resorts chairman Enrique Razon has proposed for the government to adopt a “visa-on-arrival” policy for mainland Chinese visitors, local media reports. Currently, Chinese travellers are required to secure a visa from their place of origin. Razon reportedly made the suggestion to Finance Secretary Sonny Dominguez and Foreign Secretary Jun Yasay during a dinner, according […]
Philippine casino operator Bloomberry Resorts saw an increase in Chinese visitors last month, suggesting President Rodrigo Duterte’s lean towards Beijing has started to benefit business, local media reports. According to Bloomberry chairman Enrique Razon, Chinese arrivals at its Solaire casino in Manila rose nearly 140 percent in November and 80 percent in October compared with […]
The ruling Liberal Democratic Party has backed away from its plan to enact the Casino Bill through the House of Councillors and into law on Friday. Instead, it has agreed to hold some hearings in the Cabinet Affairs Committee next week, local media reports. The agreement came during a meeting between LDP Diet affairs chief […]
The Melco-Hard Rock consortium may open the doors of its first Cyprus facility as early as mid-2017, local media reports. On Monday, the country’s Minister for Energy, Commerce, Industry and Tourism, Giorgos Lakkotrypis promised MPs that they would be amazed once the government unveils its final casino plans. “We have set the bar very high […]
Philippines-listed Bloomberry Resorts Corp posted an all-time record in gross gaming and non-gaming revenues as well as EBITDA for the first nine months of 2016, helped by cost controls and a jump in Q3 VIP revenue. According to the company’s filing to the Philippine Stock Exchange on Monday, gross gaming revenues grew 14 percent to […]
Philippines’ gaming operators stand to benefit from the Duterte administration’s closer ties with China, with more mainland Chinese tourists expected to travel to the Philippines to play, local media reports. “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 […]
An arbitration tribunal in Singapore has ruled that units of Bloomberry Resorts Corporation were wrong to terminate their partnership with Las Vegas-based Global Gaming Philippines LLC (GGAM). In Bloomberry’s filing to the Philippines Stock Exchange on Thursday, the operator said that the arbitration tribunal issued a partial award to GGAM, which would allow it to […]
Casino operator Bloomberry Resorts Corporation has denied agreeing to extend the required closing date for the acquisition of Jeju Sun Hotel & Casino. In its second quarter report published on Monday, Iao Kun Group Holding Company Ltd said “In the interim, the Company and the seller [Bloomberry Resorts Corporation] have agreed to extend the required […]
Philippines’ gross gaming revenue in July has continued to improve, with the strong trend appearing sustainable until year end, said Maybank in a note on Tuesday. According to the brokerage, gross gaming revenue for Entertainment City casinos, including Resorts World, Solaire and City of Dreams Manila grew at 38 percent year-on-year in 16Q2, ahead of […]
Bloomberry Resorts Corp chairman and founder Enrique Razon says he is pushing ahead with plans for the company’s second casino, in Quezon City. In an interview with Bloomberg on Friday, Razon said construction of the $418 million resort in Manila may start mid-next year and could be finished in 2019. In regards to Duterte’s campaign […]
The consortium of Melco International Development Ltd and Hard Rock International may be the only bidder for a gaming concession in Cyprus as its two competitors have not yet found suitable plots for their projects, Cyprus news outlet Philenews reports. In June, the Cyprus Government granted a three-month extension to bids for its casino license […]
Overseas (ex-Macau) VIP gaming revenue grew 27 percent year-on-year in 16Q2 after two years of negative growth, said Morgan Stanley in a note on Tuesday. “Part of that was driven by new casinos in Saipan /Vladivostok and part from junkets moving to low tax jurisdictions like the Philippines,” said the brokerage, referring to Imperial Pacific’s […]
The Philippines Supreme Court has ruled in favor of casino operator Bloomberry Resorts Corp. regarding its legal dispute with the Bureau of Internal Revenue (BIR), local media reports. In April 2013, the BIR imposed a corporate income tax to casinos licensed by the Philippine Amusement and Gaming Corp (Pagcor), including Bloomberry Resorts Corp. However, BRHI, […]
The Philippine Amusement and Gaming Corp. (Pagcor) has ordered the four casinos at Entertainment City to immediately restore the 10 percent license fee cut that was granted to them by the previous administration. According to a report from the Manila Bulletin, Pagcor chairperson Andrea D. Domingo said the regulator has already notified Travellers International Hotel […]
Philippine lender Security Bank Corp has removed Bloomberry Resort Corp from the Southeast Asian nation’s stock market index, says the Philippine Stock Exchange, Reuters reports. The benchmark index requires the firm to be among the most liquid and valuable companies on the market. Bloomberry was the only casino operator in the index. The changes will […]
Casino operator Bloomberry Resorts Corporation has reported P1.3 billion ($28.5 million) of profit in the second quarter of 2016, compared to a loss of P787 million in the same quarter in 2015. The company, which owns and operates the Solaire Resort and Casino in the Philippines said its second quarter revenues surged by 40 percent […]
Bloomberry Resorts is looking to report its best ever quarterly GGR and EBITDA in August, as the Philippine market gathers momentum, said a note from CLSA on Monday. According to the brokerage, company-specific issues at Bloomberry that haunted 2015 look to be abating, bad debts are under control and the loss-making Korean operation is in […]
Philippines-based casino Solaire Resort and Casino has taken its brand campaign and promotions to Macau, reports Macau Daily Times. The creative marketing agency, Conde Group, which is responsible for Solaire’s brand campaign in the Chinese-focused gaming hub, said it also aims to target Hong Kong visitors and tourists, in addition to Macau residents. “The muppies [roadside […]
The Philippines’ Bloomberry Resorts Corporation said it’s selling its Jeju casino property in South Korea for about $102.3 million, a little over a year after it first acquired the resort. The company said in a filing to the Philippine Stock Exchange that it will sell its 96.23 percent shareholding in Golden & Luxury Co. – […]
Philippine casino operator Bloomberry Resorts said it is considering selling its Jeju business, which could “eliminate the drag on its operations.” The casino operator made the comments in a media clarification filing to the Philippine Stock Exchange last week. Bloomberry said it was “in the thick of discussions to sell the Jeju business, thereby eliminating […]
The Cyprus Government has granted a three-month extension to bids for its casino license to the dismay of the consortium of the Florida Seminoles’ Hard Rock international and Lawrence Ho’s Melco International Development, local sources report. According to ‘In Cyprus’, the extension comes after requests from Philippine casino operator Bloomberry Resorts and Cambodia’s NagaCorp. The […]
Bloomberry Resorts Corp., operator of Solaire Resorts and Casino will be increasing its scrutiny against junket operators in the aftermath of the $81 million money laundering scandal, local media reports. In a stockholders meeting on Tuesday, Bloomberry chair Enrique Razon Jr. said the two Chinese businessmen identified as being involved in the money laundering case, […]
Casino operator Bloomberry Resorts Corp has reported a net loss of PHP 1.2 billion (US$24.9 million) in 16Q1, compared to a net loss of PHP 533 million in the same quarter in 2015. Total revenue was down 10 percent year on year, at PHP 5.7 billion for the quarter, compared to PHP 6.3 billion in […]
Philippines casino operator Bloomberry Resorts Corp plans to develop a 1.5-hectare property in Quezon City into a mixed-use development with a hotel and casino, local media reports. Bloomberry chairman and chief executive Enrique Razon Jr. said the new development would be “similar to Solaire Resorts and Casino” in Manila’s Entertainment City. “We will probably start […]
Enrique Razon Jr. has warned of an oversupply of casinos in the Manila Bay area, with two more gaming complexes scheduled to open in the next two years, The Inquirer reports. “It’s too many, too fast,” said Razon, chairman of Bloomberry Resorts Corp. on the sidelines of the International Container Terminal Services Inc. annual general […]
Philippines-listed Bloomberry Resorts Corporation reported an audited consolidated net loss of P3.4 billion (US$73.2 million) in 2015 compared to net profit of P4.1 billion in 2014. Bloomberry, owner and operator of the Solaire Resort & Casino and Jeju Sun Hotel & Casino said the loss was a result of large increases in depreciation and amortization […]
The Cyprus government on Tuesday announced the three short-listed bidders for the casino resort license, confirming previously leaked information. According to Cyprus-Mail, the government on Tuesday announced the names of the three short-listed bidders for the casino resort license, which includes Bloomberry Resorts Corporation, Melco’s Hard Rock Resort Cyprus Consortium and NagaCorp Ltd. Bloomberry is […]
More than US$30 million of the money stolen by hackers from the Bangladesh central bank at the New York Fed was delivered in cash to a Chinese junket operator in Manila, reports Reuters. Senator Teofisto Guingona, head of the Senate’s anti-corruption committee, told Reuters ahead of the hearing that cash deliveries were made to a […]
Cypriot lawmakers are to vote on regulations covering the creation of the first integrated casino resort in Cyprus on March 10. After approval from the House plenum, officials will announce the three shortlisted bidders of the casino licence, local media reports. The regulations were presented at a joint session of the House Finance and Commerce […]
The Philippines gaming regulator is considering issuing gambling licenses outside the capital of Manila, and plans to require new casinos to meet a $300 million minimum investment requirement, the country’s gaming regulator said in an interview with Bloomberg. The gaming regulator is “open to giving out a casino license if it can help boost economic […]
Macau casino operator Melco Crown Entertainment has denied it is seeking the gaming concession in Cyprus, according to a statement issued by Melco Crown. The statement followed an article by Cyprus Weekly earlier in the week, which quoted an unnamed inside source saying that Melco Crown and Bloomberry Resorts are strong contenders for the competitive […]
Macau-based Hard Rock-Melco Crown Entertainment and Philippines based Bloomberry Resorts are strong contenders for the competitive Cypriot casino project, according to an insider source for Cyprus Weekly. “Even though Macau’s casino earnings are still several times more than what Las Vegas makes, it’s obvious to the companies that they need to diversify, and Cyprus should […]
Philippine-based operator Bloomberry Resorts has acquired an additional 808,000 of its own shares, according to an announcement on the Philippine stock exchange. According to the announcement, the share buyback was to allow Bloomberry Resorts to acquire enough shares to cover shares granted to certain employees under a stock incentive plan that will vest in the […]
Five bidders, out of 12 who expressed an initial interest, are expected to submit formal official proposals to operate a casino on the island of Cyprus. The bidders include Hong Kong-listed NagaCorp and Bloomberry Resorts of the Philippines, as well as U.S. operator Hard Rock, French construction giant Bouygues and Russia’s Absolute, according to a […]
As a penalty for the acts of its previous casino management, Jeju Sun has been forced to suspend its gaming operations for one month by the Jeju Island gaming regulator, CRD. Bloomberry Resorts, the majority owner of the casino, said in a filing that the decision was the result of the CRD’s investigation into the […]
The anticipated high rollers entering the Philippines will still mainly come from Southeast Asia, not China, news website Rappler reports. “Our high rollers in the past two years did not come from China. They come mainly from Southeast Asia. They are still around…that will still continue,” Bloomberry Resorts CEO Enrique Razon Jr said in an […]
Philippines-based casino operator Bloomberry Resorts Corp reported a net loss of PHP189.5 million ($4.1 million) in 15Q3, compared to a net profit of PHP991.7 million in the prior year period. The third quarter net loss was “a significant quarter-on-quarter improvement” from a net loss of PHP787 million reported in 15Q2, the company said. “Our investments […]
The Philippines is expected to be one of the strongest growing gaming markets in Asia again in 2017, driven by another major opening in Manila’s Entertainment City, however growth is expected to slow over the longer term in the face of greater regional competition.
Results for South Korea’s gaming operators improved in 2016, although foreign operators appear to be losing patience, with major projects either stalled or abandoned. Market watchers say the initial euphoria faded fast when operators were faced with the reality on the ground, which includes high costs, difficulty in client acquisition and changing regulation.
As China’s outbound tourism market continues to balloon, a growing number of destinations are easing visa requirements to woo the mainland traveller, with casinos in those countries likely to be among the key beneficiaries. With research suggesting that most Chinese overseas tourists will visit a casino, relaxed visa restrictions could be a key driver for GGR.
While Beijing’s anti-corruption drive has often been blamed as a primary factor behind the slump in Macau’s gaming revenue, the same regime is also responsible for proposing and supporting another initiative that may have widespread implications for the development of the Asian gaming industry -- the “One Belt and One Road” project. The plan to develop the old Silk Road linking Asia to Europe is likely to provide a significant boost to tourism in tandem with the gaming industry.
South Korea says its tourism arrivals have now almost recovered following an outbreak of Middle Eastern Respiratory Syndrome in May that triggered a three-month plunge in visitor numbers.