Philippines to surpass Singapore by 2019

Philippines is set to emerge as the largest entertainment market in ASEAN - surpassing that of Singapore due to favorable policies and infrastructure development, says Morgan Stanley.

“...the Philippines has favorable policies (allowance of junkets, proxy betting and so on) and strong tourist arrivals to drive foreigners' revenue. Local spending is backed by a strong local economy,” noted the brokerage on Monday.

Furthermore, with Okada Manila set to add US$1.2 billion of GGR to the market by 2019, the overall Philippines market size is expected to hit US$5 billion in 2020, surpassing that of Singapore, says the brokerage.

Risks however, relate to an uncertain regulatory environment, the enforcement of tightening measures similar to other gaming markets, and muted EBITDA growth in 17H2 and 2018 as Okada Manila takes share.

Morgan Stanley says it sees Bloomberry as its top pick, “attributable to a stronger balance sheet and cash flows with potential dividends, and a larger landbank for future expansion.”

More news from this jurisdiction

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The Makati Regional Trial Court has issued a writ of preliminary injunction against the Philippine Charity Sweepstakes Office (PCSO) for allegedly violating Berjaya Philippines Inc’s exclusive right to supply and lease lottery equipment in the Luzon territory.

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The Philippines has avoided further scorn from the Asia-Pacific Group on Money-Laundering following "significant compliance" in tightening their AML regulations.

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The Philippine Amusement and Gaming Corp on Wednesday proceeded with the opening of Casino Filipino (CF) Manila Bay, despite an ongoing dispute over its lease contract.

PhilippinesWednesday, Aug 09, 2017

Philippine technology firm DFNN Inc. saw net profit rise 456 percent year-on-year to P101.8 million over a surge in revenues from its gaming platform business.

PhilippinesSunday, Aug 06, 2017

The Philippine Amusement and Gaming Corp. has cut its forecasts for 2017 gross gambling revenue, in part because of the June attack on Resorts World Manila.

PhilippinesThursday, Aug 03, 2017

Philippine casino investor Belle Corp. posted a 93 percent increase in consolidated net profit, amounting to P1.77 billion in the first half of the year, driven by revenue growth at City of Dreams Manila.

PhilippinesTuesday, Aug 01, 2017

Leisure and Resorts World Corp. (LRWC) has seen a near 50 percent drop in online gaming companies licensed under FCLRC since the introduction of Pagcor’s new online regulations.