Philippine GDP expansion, foreign arrivals to offset cannibalization concerns

The Philippine gaming market is expected to be one of the fastest growing in Asia this year, though early signs of cannibalization amongst newly opened resorts has led to some concern the market may not be deep enough to support the planned multi-billion properties. Philippine Amusement and Gaming Corp’s (PAGCOR) Entertainment City is planned to be a sprawling complex of integrated resorts aimed at attracting both local and international tourists and capable of creating a regional gaming hub. Bloomberry Resorts’ Solaire Resort and Casino was the first to open in March 2013, followed by Melco Crown Entertainment’s City of Dreams in February this year. Tiger Resorts Leisure and Entertainment, a unit of billionaire Kazuo Okada’s Universal Entertainment Corporation, intends to open its Manila Bay Resorts by 2017, while Alliance Global Group Inc. and Genting Hong Kong plan to open Bayshore City Resorts World in 2018. U.S. operator Caesars Entertainment has also expressed...

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