Good morning. The POGO stick – what goes up, must come down. The real estate sector in particular will face the brunt of the offshore gaming operators ban – with rents in Metro Manila expected to halve and vacancy rates increase, despite the sector being less exposed than before. Meanwhile, the Cagayan Economic Zone Authority is battling to keep its interactive gaming licenses, with its CEO testifying that POGOs never operated in the Philippines’ first offshore hub. And in Macau, MGM China delivered record-breaking 2Q24 results, with strong EBITDA and revenue topping $1 billion.
What you need to know
- Experts warn the POGO ban will slash residential rents by 50% and push Metro Manila condo vacancy rates up to 19%.
- MGM China delivers strong results in 2Q24, with record property EBITDAR, as revenues top $1 billion.
- Cagayan Economic Zone Authority CEO states no POGOs operate within CEZA, claims POGO ban does not apply to its licenses.
On the radar
- Goa cracks down on unauthorized Sri Lankan casino ads for online gaming.
- The Star Chief Risk Officer resigns less than 18 months after appointment.
- Public urged to ‘flush out’ foreign POGO workers for deportation.
- The Star Grand, at Queen’s Wharf, accepting bookings from Aug. 29th.
AGB Intelligence
PHILIPPINES
Rents to halve and vacancy rates increase due to POGO ban
The impact of the ban on Philippine Offshore Gaming Operators (POGOs) is set to be heavily felt in the real estate market, despite operators already having largely shielded themselves from the backlash. Experts expect rental rates to as much as halve, with vacancy rates to rise by up to 19 percent in Metro Manila. However, this could provide a promising opportunity for local investors willing to snap up properties during the downturn.
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