City of Dreams Manila is expected to bring in significant profits for the Filipino state.
The Asian gambling market is continuing to develop, with several new casino projects expected to be implemented this year. Basing its calculations on projections of increased gambling revenues and regulatory fees, the Philippine Amusement and Gaming Corporation (PAGCOR) is estimating a 6% rise in profits in 2014, with total income exceeding $1 billion.
Melco Crown Entertainment is expected to opening its City of Dreams casino resort in Manila later this year. This is just one of the four projects recently licensed under Filipino gambling laws. The Solaire Manila in full operation and has already made a profit of $1.2 billion since it opened in March 2013.
Profits lower than expected
In addition to regulating land-based casinos, online gambling and bingo in Philippines, PAGCOR runs 13 gambling venues of its own. The state-controlled operator had high expectations for 2013 as well, but profits turned out to be lower than predicted.
In the period between January and November 2013, PAGCOR made an income of PHP 12.076 billion. That’s PHP 100 billion less than revenues made during the previous. Once all four gambling venues open, Manila Bay will have a special casino district called Entertainment City, which is expected to bring in substantial profits.