Good morning. A sinking tide takes all ships. According to experts, the real estate sector is likely to be the first impacted by the POGO ban recently announced by the Philippine President. But ancillary services will also take a strong hit, with estimates of up to 42K employed by the industry. This could be further agitated, as foreign workers employed by POGOs are being told to leave the country, despite reports PAGCOR is hoping for an exemption on some POGO operators. Meanwhile, Las Vegas Sands has reported its second quarter results, improving strongly from 2Q23, but down sequentially as construction weighs on its Macau and Singapore offerings.
What you need to know
- POGO ban is expected to have the most immediate impact on the Philippines’ property sector: finance professionals.
- Ongoing construction work in Londoner and Marina Bay Sands weighs down LVS results in the second quarter.
- POGO workers ordered to leave, while reports claim that PAGCOR is requesting an exemption on the POGO ban for up to 12 companies.
On the radar
- China’s Supreme Court orders severe penalties for cross-border gambling.
- Queensland racing clubs to enjoy $3.8M in infrastructure upgrades.
- DigiPlus reports no impact from POGO ban.
- LET Group to vote on disposal plan of Tigre de Cristal on August 15th.
- King Gaming has gambling licenses canceled by Isle of Man regulator.
- Philippines house speaker orders quick action on POGO ban implementation.
- E-Visa rollout expected to boost Philippine tourism numbers.
AGB Intelligence
PHILIPPINES
Real estate sector to be first impacted by POGO ban
The Philippines’ real estate sector, particularly in areas prone to POGO developments, is likely to be the most quickly and profoundly impacted by the POGO ban. According to experts, the ban, announced this week by the Philippine president and coming into effect by year-end, will have a ripple effect, with up to 42,000 directly employed individuals being impacted.
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