Philippine revenue still rising, despite recent hiccups, analysts say

  The Philippines, tipped at the beginning of the year to be the region’s best-performing gambling market, is still likely to outperform its peers despite heavy second-quarter losses among operators, slumping stocks and ongoing project delays, analysts say. Manila’s Entertainment City gaming hub had been expected to be a key beneficiary from the VIP exodus from Macau, propelled by the opening of Melco Crown Entertainment’s City of Dreams, Manila. However, losses across the industry mounted in Q2, with JP Morgan predicting in a June report that profit across the sector would be down 56 percent this year. Philippine gaming stocks in the year to June were the world’s worst-performing, while COD announced the suspension of 100 workers. Despite the recent string of negative news, analysts remain upbeat. They say underlying revenue growth remains strong and maintain that the market will still outperform others in the region. Part of the reason for the optimism is...

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