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

PhilippinesWednesday, Dec 13, 2017

E-games operator PhilWeb Corporation on Tuesday announced it has acquired three PAGCOR eGames sites.

PhilippinesMonday, Dec 04, 2017

E-games software supplier Philweb disclosed on Monday that it has received a letter from the PAGCOR which allows it to offer its services to the first 16 PAGCOR-licensed gaming sites for electronic games.

PhilippinesTuesday, Nov 28, 2017

BMM Testlabs has announced that it has been officially licensed by the Philippine Amusement and Gaming Corp (PAGCOR) to evaluate, test and certify online gaming systems and games for Philippine Offshore Gaming Operator (POGO) licensees.

PhilippinesSunday, Nov 26, 2017

The Philippine Amusement and Gaming Corporation (Pagcor) says it is projecting gross income to reach P61 billion (US$1.2 billion) in 2017.

PhilippinesThursday, Nov 23, 2017

The Cebu City Council has reportedly endorsed an application for Universal Hotels and Resorts (UHRI) to develop and operate an integrated resort and casino facility in the area.

PhilippinesWednesday, Nov 22, 2017

The Philippines is considering legalizing Bitcoin and other digital assets as securities to be regulated under existing security laws.

PhilippinesMonday, Nov 20, 2017

Philippine technology firm DFNN saw its earnings continue to surge at the end of September, with net income for the first three quarters of 2017 reaching P121.3 million, up 15,062 percent compared to the prior-year period.