Philippines

Caesars Entertainment Corp, despite facing debt problems, says it is pressing ahead with plans to develop a casino in the Philippines.
In a report in the Manila-based "BusinessWorld" newspaper, Caesars Entertainment president of international development Steven Tight said: “While there has been speculation about a restructuring of one of Caesars’ operating entities, it would not impact our ability to finance a project in Manila if we were granted a license.”

Travellers International Hotel Group, an associate of Genting Hong Kong Ltd, reported a net profit of 4 billion pesos (US$89.08 million) for the nine months to September 30 up from 3.57 billion pesos in the same period last year, despite falling revenue.
The result was based on gaming revenues of 20.8 billion pesos, down 14.1 percent from 24.2 billion pesos for the same period last year.
The company said in a release to the Hong Kong Stock Exchange that its drop in nine-month revenue was largely due to weakness in the first half and it has seen an improving trend in Q3.

Bloomberry Resorts said it’s planning to raise PHP5.65 billion ($126 million) through the sale of shares to investors to potentially fund international expansion.
Bloomberry said in a disclosure to the stock exchange that majority shareholder Prime Metroline Holdings Inc. would sell 435 million Bloomberry shares, representing 3.95 percent of the company’s total issued shares, at PHP13 apiece.

Caesars Entertainment is eyeing a site next to Terminal 2 of the Ninoy Aquino International Airport in Manila for a $1.5 billion integrated resort in the Philippines, local media reports.
The property would be on mostly idle government land of about 30 hectares.
The company has brought in foreign experts to consult on the redesign and to connect terminals 1 and 2 via a light transit railway. The company would aim for as many as 3.5 million visitors annually, the reports said.

Melco Crown Philippines said the company’s City of Dreams property in Manila will open in December, with a grand opening planned for the first quarter of 2015.
In a filing with the Philippine Stock Exchange the company said it had a loss of PHP1.78 billion ($39.6 million), up 162 percent from the loss recorded in the same period the prior year. The company said the loss was primarily due to pre-opening costs.
The company said it expects losses to continue to mount until the resort begins commercial operations.

Bloomberry Resorts posted a 42 percent jump in third quarter revenue, recording its best quarter to date for gambling revenue, as marketing efforts to attract overseas VIPs paid off.
The company, which opened the Solaire Casino and Resort in Manila’s Entertainment City, in 2013, said total revenue was 5.85 billion pesos ($130 million), compared with 4.11 billion the previous year.
Gross gaming revenue jumped 57.5 percent to 7.7 billion pesos.

William Hill has said its Manila service centre is under investigation by the Philippines’ National Bureau of Investigation into allegations that it’s carrying out illegal gambling activities.
The Manila operation provides customer support and back office functions, primarily for the group's online business.
"With regards to these allegations, we believe that there are no activities occurring in our Philippines operation which are contrary to law," it said in a statement.

Bloomberry Resorts, the owner of the Philippines’ Solaire Resorts & Casino, is considering a casino acquisition in South Korea.
"Korea is just one of several prospective jurisdictions outside the Philippines that Bloomberry is looking at, but there is nothing definitive at this point. It is part of the company’s ordinary course of business to continuously evaluate potential opportunities offshore," the company told the Philippine Stock Exchange in response to media reports.

Belle Corp said CLSA is exercising its right to buy more shares in the company under an over allotment option granted as part of its share offer in its Premium Leisure Corp. unit.
Belle Corp. said last month that it would raise $121 million through the sale of shares in PLC, priced at PHP1.65 a share ($0.037). CLSA was granted the option to an additional 489,556,000 shares in an over allotment option.
On Monday, Belle said it has been informed that CLSA firm will be purchasing 284,652,000 shares.

The Philippine Amusement and Gaming Corp. (Pagcor) expects to finalize new terms of reference for investment in the country’s casino industry by the end of this year, according to local media.
The new terms are expected to raise the minimum investment level to $1.5 billion, 50 percent higher than the current requirement of $1 billion.
The changes come as U.S. operator Caesars Entertainment said it was interested in the Philippine market. Officials from the company recently met President Benigno Aquino to discuss a potential investment.

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