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

PhilippinesTuesday, Mar 20, 2018

The Philippines is in a strong position to capture a growing share of the premium mass market to help diversify its tourism base, according to Bloomberg Intelligence.

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Malaysia’s Genting Group is planning an integrated resort on Boracay island at the Savoy Hotel, Philippine Amusement and Gaming Corp Chair Andrea Domingo told reporters at the ASEAN Gaming Summit.

PhilippinesMonday, Mar 19, 2018

Leisure & Resorts World Corp (LRWC) said one of its units has bought a 23-hectare site on Boracay island to develop a $500 million integrated resort with Galaxy Entertainment.

PhilippinesSunday, Mar 18, 2018

Galaxy Entertainment Group’s proposed $500 million casino in Boracay will be proceeding despite an impending closure of the island for up to one year.

PhilippinesThursday, Mar 15, 2018

Gaming Laboratories International has become the first independent accredited gaming test laboratory to successfully complete and issue IP Blocking Certificates for Philippine Offshore Gaming Operator (POGO) licensees.

PhilippinesWednesday, Mar 14, 2018

Steve Trowbridge, CEO of Rhetroactive, will be speaking about the role of non-gaming amenities at the ASEAN Gaming Conference, taking place in Manila.

PhilippinesTuesday, Mar 13, 2018

Okada Manila has expanded its sports book offering though an accord with platform provider FSB (UK), Paddy Power and Jade Entertainment and Gaming Technologies.