Good Morning. Privatize it. That’s what the Philippines’ gaming regulator is aiming to do with its self-operated gaming venues. The group now sees light at the end of the tunnel, as plans progress, with analysts predicting that the impact will be minimal on the overall nation’s gaming industry. Meanwhile, Sands China is smashing projected outcomes, with a strong EBITDA uptick as Cotai continues to deliver.
What you need to know
- Analyst predicts minimal industry impact from PAGCOR privatization plan due to its limited share in the Philippine gaming revenue.
- Sands China hits strong revenue targets, with significant EBITDA uptick, Cotai Strip properties perform well amongst tourism rise.
On the radar
- Philippines moving forward with AML/CFT legislation.
- Cambodia’s NagaCorp secures $80 million loan for debt repayment.
- Online gambling is an offense: Malay court.
- Century Entertainment issues $4.1 million convertible bond.
- 50 suspicious betting alerts reported by IBIA in 3Q23.
Despite the announcement by PAGCOR’s head that the regulator would (finally) be privatizing its casinos, the move is unlikely to have a strong impact on the industry, notes an expert. Maybank’s Alexa Carvajal also states that a total ban on Philippine Offshore Gaming Operators would not have a significant impact on the industry, even as both mass and VIP play are growing significantly.
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- Sands China: ‘Prime Status’, ‘B Rating’ in ‘ISS ESG Corporate Rating’.
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