Company: PH Resorts Group Holdings
Angel Sueiro – Chief Operating Officer, PH Resorts
PH Resorts Group Inc. expects its $465 million Emerald Bay casino in central Philippines to break even within seven years from its opening late next year and for the Philippine gaming industry to surpass pre-pandemic levels by 2022.
Angel Sueiro, chief operating officer of PH Resorts, talks with Asia Gaming Brief managing editor Sharon Singleton about the concept for the company’s next property in the highly competitive Clark Freeport Zone and opportunities post-Covid 19 in the Philippines. The mass market is paying the bills, but international visitors are needed to put the cream on top.
PH Resorts Chairman Dennis Uy said the company had reached a “significant milestone” towards the opening of its Emerald Bay integrated resort on Mactan Island after the Securities and Exchange Commission gave pre-effective approval for a P1.12 billion ($23 million) follow on share offer.
PH Resorts Group Holdings says it is pushing to open its Emerald Bay resort in late 2021, with the full first phase offering then to be available by the second quarter of 2022.
The lack of capacity due to social distancing measures will be the key challenge for operators in opening their properties and not the lack of demand, says Angel Sueiro, chief operating officer of PH Resorts.
Regional casinos in the Philippines are likely to resume their outperformance once the global pandemic eases as infrastructure improves and major projects come online.
The Philippines’ regional casinos may not get the same headline publicity as the bigger resorts in Manila, but the number of properties has been growing and their client base evolving as amenities and infrastructure improves.
For operators in Asia, it has become easier to promote from within, rather than look further afield.
With an increasing number of casinos emerging throughout Asia, the industry is becoming a popular career choice for ambitious individuals from across the region.
The Philippines needs to improve its international image to boost tourism numbers and inbound investment, allowing it to achieve its full potential, local operators say. The noise over politics and instability is overshadowing the country's achievements and natural attractions.