Philippine gaming market to remain robust in 2015, S&P says

Gaming earnings in the Philippines should rise faster than gross domestic product mainly due to new resort capacity and higher disposable incomes as remittances from overseas Filipino workers remain robust, ratings agency Standard & Poor’s said in a report.
The outlook overall for the gaming, media and entertainment sector “remains stable” despite “expectations of a slight slowdown in China’s GDP growth, declining revenues in the Macau VIP market, and continuing large gaming investment across the region”.
“Steady economic growth in Asia-Pacific should expand the middle-class population and increase disposable incomes, supporting the gaming markets. More specifically, we expect higher-margin gaming revenues in the mass markets to partly offset significant ongoing declines in VIP earnings in Macau,” S&P said.
Melco Crown Entertainment will hold the soft opening of its City of Dreams Manila resort on Dec. 14 in what is expected by many analysts to be a “game changer” for the market.
The resort is expected to create critical mass needed for a gaming hub in Manila’s Entertainment City and is also expected to benefit from the parent company’s close ties with Hong Kong.