Alejandro H. Tengco, the Chairman of the Philippine Gaming Regulator (PAGCOR) says that the current number of IRs in Manila is enough. Still, further expansion could be in other regions, such as Clark and Mactan, to fulfill demand.
Speaking to AGB, the head of the Philippine Amusement and Gaming Corporation (PAGCOR), noted that in regards to Metro Manila “I believe at this point in time we have room for one more”.
The official was referring to the new LET Group’s (formerly Suncity – previously a Macau-based junket) – project, the Westside City, growing across from Solaire.
Also coming up is the “integrated resort south of Metro Manila […] that was also given a license prior to my appointment,” notes Tengco.
The official refers to the Las Piñas Villar City project, which has reportedly been geared towards the Korean market.
“I should say that should be enough, for now. Especially we’re seeing the numbers of land-based operations to have not only plateaued but dipped a little.”
Tengco refers to the second-quarter drops in GGR, which have yet to be exemplified in the companies’ quarterly earnings but are expected to flag the record-breaking first-quarter earnings.
Opportunities outside Metro Manila
Speaking of Clark, the official notes that it has “good potential”.
But that is not the only area to focus on, notes Tengco.
“I just talked to a big investor in Subic (Bay) a while ago, and they’re now talking to possible investors for land-based operations in the hotel that they just acquired from the Subic Bay Metropolitan Authority,” he notes.
Further south, things are not as dismal as they could seem, with the recent shakeups at Emerald Bay.
However, the executive notes that the project is “failed”, even though there are expectations that the incoming investor can help salvage the IR.
Tengco points out the advantages of the area, noting that “you’re going to cater to the Japanese and Korean market”, stating that, aside from Emerald Bay “you still have room for one”.
Venturing even further, the Chairman says that there is still space in Davao.
“There is a proponent who is looking at the possibility of expanding in Davao, but I have not received the proposal they might make. So that should be delivered”.
The official notes that “Then, with the privatization of our Casino Filipino properties, that will add now another close to 40 properties – city casinos, municipal or provincial casinos that cater to the local market.”
