Good Morning. Location, location, location. Something Philippine Offshore Gaming Operators (POGOs) are seeking less and less, as their future is put on the chopping block. Real estate group Colliers says that spatial demand is now at just 22 percent of 2019 levels, with expectations for a (possible) recovery only in 2025. This is put into question by a new PH senate committee report, which calls for the total closure of POGOs within a three-month period, as senators double down on offshore operators, despite issuing a watered-down version of their previous closure request.
What you need to know
- Demand for office spaces in Philippines from POGOs continues to significantly lag behind 2019 levels, says Colliers.
- Philippine Senate committee calls for the total closure of POGOs within three months, citing lack of economic contribution.
On the radar
- Australian regulator blocks five more illegal online gambling sites.
- Genting Malaysia’s value may rise 8 percent due to US casino license bid.
- Rich Goldman expecting almost $5mln in net losses for 1H23.
- GTEF Investment & Financing Conference kicks off at Galaxy’s CC.
- MGM Resorts returns to normal after cyberattack.
Demand for office space by offshore gaming operators (POGOs) in the Philippines has fallen to just 22 percent of the levels seen in 2019, with uncertainty over any possible recovery in uptake from the sector’s operators. Real estate group Colliers tells AGB that the sector now only accounts for 5 percent of rentals in Metro Manila, less than half of that registered pre-pandemic. Expectations are that the market will only recover in 2025, as a push for the ban of POGOs plays out on the national stage.
Evolution, a prominent iGaming B2B solution provider, has announced the release of a groundbreaking game Prosperity Tree Baccarat, recreating the classic Baccarat play with a fresh and engaging twist.
1xBet was founded in 2007 and started accepting bets online in 2010. Over the years, 1xBet has become a key player in the sports betting industry and is now one of the top three most visited betting websites.
- Kalamba Games embark on an themed adventure in Blazing Spirit Hold and Win.
- Wynn launches lineup of events welcoming National Day Golden Week.