Philippines

 

Philippine stocks rallied again this week after a sell-off last Monday, with gaming stocks being a particular focus for investors.  It is expected that shares will be traded heavily, especially in Bloomberry Resorts (BLOOM) ahead of the opening of its Solaire Manila resort next month.  

 

In its new research note entitled “Let the Games Begin”, Credit Suisse declared that it was positive about the prospects of the Philippine gaming market, predicting a compounded annual growth rate of 28 percent between 2012 and 2018.  The report pointed to the fact that the Philippines has a population three times larger than that of Singapore, Macau and Malaysia combined and that it has the fastest growing working population in emerging Asia.

 

A 93 percent stake of Philippine based Manchester International Holdings Unlimited Corp. (MIH) is being bought by Melco Crown Entertainment (Nasdaq: MPEL) at USD $30.8bn to be used as an investment vehicle in the company's Manila Bay joint venture project with Belle Corp.

Bodog88.com partnered with ONEworks to develop and launch new smartphone and WAP interfaces for the Asian markets. While smartphone usage is rising in the region, WAP still holds a firm 70% grip in the mobile wagering market. The operator hopes to widen accessibility to their sports betting customers in Asia.

Cristino L. Naguiat Jr., chairman and chief executive of Philippine Amusement and Gaming Corp. (Pagcor) expects to reach USD $1.08 billion in gross revenue in 2013, a slight increase from the USD $1 billion the state run operator/ regulator registered the previous year. Pagcor hopes to rake in $94 million from commercial bingo, $49.7 million from e-games and Internet gaming, $175.7 million from licensed casinos, $1.96 million from poker operations plus some $38 million from other incomes. 

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