Rich people are seeking to take control of Filipino casino industry and possibly create a little Macau there. In this country there are around 20 land-based casinos licensed under Philippine gambling laws and more are likely to come.
According to the latest Filipino gambling news, the richest family in the country, Sy, is looking to team up with Lawrence Ho, Macau’s gambling tycoon, and with an Australian billionaire, James Packer, to build a billion dollar casino-resort in Manila.
No deal has been sealed yet, but this shows billionaires are willing to invest in this vast archipelago to attract Asian-Pacific gamblers, especially those newly rich Chinese. Indeed, Macau is under growing pressure, however, gambling is growing in the Far East as fast as the economy. So there’s plenty of room.
This also shows that any legal developments allowing for online casinos in Philippines, as well as in neighboring countries, will see smart money follow. Gambling appetite in the Asia-Pacific region is just too vast to ignore.
That is not to say that all casino endeavors result in quick profits. The gambling strip created in Cambodia, after all, is so far disappointing the investors. The Asian societies are also not seeing much when it comes to mobile betting in the region. Yet, if online casinos ever get a go-ahead, the mobile gambling will surely follow right after.
Some countries in the region are seeking to attract bettors’ money, so they may seek to liberalize gambling laws eventually. And the billionaires are watching.