PH GGR to grow 26 pct year-on-year in 17Q2: MS

Philippines gross gaming revenue is expected to grow 26 percent year-on-year in 17Q2, driven by proxy betting attracting foreign VIP revenues, along with a low sequential growth in mass, says Morgan Stanley.

Industry EBITDA is also expected to see growth in the quarter, driven by Bloomberry and Melco, but partially offset by Travellers, it said.

“We expect industry EBITDA to grow 8 percent quarter-on-quarter and 27 percent year-on-year to P7 billion in 17Q2, driven by Bloomberry and Melco, partially offset by Travellers,” said the brokerage.

Visitor arrivals in the Philippines also grew by +13 percent year-on-year to April.

The brokerage however notes that the June 2 attack on Resorts World Manila may have reduced market GGR by around P 1.7 to 2 billion (US$33.6 to US$39.5 million) in June, but added that it expects business for the overall market to recover in July.

 

More news from this jurisdiction

PhilippinesThursday, Jul 20, 2017

The Philippines Charity and Sweepstakes Office is planning to cut funding to the Philippine National Police (PNP), because of what they describe as PNP’s ‘anemic’ performance in their campaign against illegal gambling.

PhilippinesThursday, Jul 20, 2017

A Singaporean woman has been rescued by Filipino authorities after being kidnapped by three men and a woman at Solaire Resort and Casino on Tuesday.

PhilippinesThursday, Jul 13, 2017

The Udenna Group, developer of the Lapu-Lapu Leisure Mactan integrated resort, is set to complete the funding requirements needed for development.

PhilippinesFriday, Jul 07, 2017

Resorts World Manila, which was attacked by a lone gunman last month, is planning to build a new gaming zone and win back the trust of its customers.

PhilippinesWednesday, Jul 05, 2017

Police authorities in Manila are preparing to file criminal charges against the management of Resorts World and its security agency for the deaths of 37 people during the attack on June 2.

PhilippinesTuesday, Jul 04, 2017

After completing bomb threat and response exercises this week, Manila’s hotels and casinos are set to undergo active shooter exercises next week, Manila Bulletin reports.

PhilippinesThursday, Jun 29, 2017

Philippine president Rodrigo Duterte is allegedly planning to fire the head of the Clark Development Corporation (CDC) for "corruption."