Good Morning. Ferdinand “Bong Bong” Marcos is set to become the Philippines new president, more than 30 years after his dictator father was ousted in a popular uprising. So far, little is known about the incoming administration’s policies when it comes to the gambling industry. However, what we do know is that historically changes of power in the country has always come with a changing in political fortunes of its oligarchs. In today’s Deep Dive Ben Lee, managing partner of IGamiX Management & Consulting tells are there are signs the sands are already shifting.
What you need to know
- The Supreme Court in the Philippines has issued a “status quo ante” order that would return Japanese mogul Kazuo Okada to his position as chairman and CEO of Tiger Resort Leisure and Entertainment (TRLEI), the operator of Okada Manila.
- Philippines’ licensed casinos produced a total of P30.1 billion ($575.6 million) in gross gaming revenue (GGR) in 1Q22, rising 29.6 percent compared to the same period in 2021.
- Bloomberry Resorts said it has agreed to invest in PH Travel & Leisure’s properties on Cebu Island and in the Clark Freeport Zone.
- A senior Dubai official says there are no current plans to allow gaming in the emirate, unlike its neighbor Ras Al Khaimah, which will be home to the UAE’s first Wynn Resorts-built casino.
On the radar
- Fitch maintains negative ratings watch on MGM Resorts.
- Kangwon Land 1Q22 GGR slips sequentially, but non-gaming strong.
- Grand Korea Leisure reports narrowed net loss in 1Q22, casinos sales rise.
- L&W 1Q22 loss narrows as revenue gains in all business segments.
- IGT revenue up 4% as lower lottery offsets strong gains in gaming, online.
What the papers say
- Macau lost 28,800 non-resident workers since end of 2019.
- Macau’s health director says city to retain zero-Covid policy.
- Vietnam reports tourism boom during Golden Week holidays.
The political jockeying that has historically followed presidential elections in the Philippines may have already begun in the casino industry with Bloomberry Resorts announcing it’s investing in two PH Travel and Resorts properties. The son of former dictator Ferdinand Marcos is on track to win Monday’s presidential election in a landslide victory, taking over from President Rodrigo Duterte whose six-year term has ended. “I think what we are seeing is the first of many dances that are going to occur as dance partners come off the dance floor and others enter,” said Ben Lee, managing partner of IGamiX Management and Consulting, who has previously warned that the change of administration in the country has always been a period of high uncertainty with significant winners and losers amongst its business moguls.
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