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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

PhilippinesMonday, Jan 15, 2018

A retired military general is set to fill the position left by Philippine Charity Sweepstakes Office (PCSO) chairman, Jose Jorge Corpuz, who retired last week.

PhilippinesSunday, Jan 14, 2018

President Rodrigo Duterte on Thursday held a meeting with the top executives of Melco Resorts and Entertainment.

PhilippinesSunday, Jan 14, 2018

Chairman of the Philippine Charity Sweepstakes Office Jose Jorge Corpuz has resigned from his position as chairman, according to an announcement on Friday.

PhilippinesThursday, Jan 11, 2018

Philippine Amusement and Gaming Corporation (PAGCOR) has launched a second auction for two parcels of land occupied by Bloomberry’s Solaire Resort and Casino.

PhilippinesThursday, Jan 11, 2018

Philippine police have rescued a Taiwanese man from a kidnap-for-ransom gang in Paranaque City, local media reports.

PhilippinesMonday, Jan 08, 2018

The Philippines’ national tax think-tank has recommended an increase in the entrance fees required for players to enter casinos in the country, and to make their collection compulsory.

PhilippinesSunday, Jan 07, 2018

Philippine casino operator Travellers International Hotel Group has announced it has formalized an agreement with Hotel Okura Co., Ltd for it to operate a new 191-room hotel at Resorts World Manila.