Philippines

The Philippine Amusement and Gaming Corp. posted a net income of P937.6 million ($21.1 million) for the first quarter of 2015, just over the P920 million reported in the same period last year.

Century Properties Group said it has made a request for arbitration with the Hong Kong International Arbitration Center over a legal dispute with Japanese billionaire Kazuo Okada’s companies ...

Melco Crown Philippines, a subsidiary of HK-based Melco Crown Entertainment, posted net losses of $141 million, an increase of 156 percent on the prior year’s losses of P2.46 billion.

The Philippines  property market remains robust across all sectors as developers continue to expand amid the country’s strong growth and ahead of the Asean Economic Integration.

The Philippines, whose fourth quarter GDP grew by 6.9 percent and annualized growth rate grew 6.1 percent, is drawing an influx of big investors, according to a report by property company Pinnacle.

“For the top real estate developers, the influx of ASEAN investors and tourists means they can enlarge the plate to accommodate the expanding pie.” 

The Philippines could see the launch of two new casinos after a U.S. investment group and a Macau-based gaming operator said they are in talks with regulatory authorities in the Philippines to spend $1 billion on new resorts.

Sino-American Gaming Investment Group and Macau Resources Group told Reuters they have proposed large scale resorts - one on the popular Cebu Island and one on the island of Napayawan, near a proposed airport.

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.

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.



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Travellers International Hotel Group, the owner and operator of Resorts World Manila, reported a “robust” full year financial results with net income doubling to P5.4 billion ($120.3 million), despite a decline in gross revenue.
For the twelve months last year, the company’s net income went from P2.8 billion in 2013 to P5.4 billion last year, while gross revenue dipped from P33.3 billion in 2013 to P31.5 billion in 2014.
The company said it saw growth in all areas apart from the VIP segment.

Katrina Nepomuceno has behind her 18 years of gaming law practice in the Philippines covering both landbased and online gaming.

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