Industry experts believe the Filipino gambling market will be growing in the following years.
The Asian gambling market has seen significant growth during the past few years. Macau’s casinos are proving to be incredibly profitable, with total revenues reaching $38 billion in 2013, while Singapore made a modest $6 billion.
Recent gambling news report the Philippines casino market is currently worth $2 billion, but industry experts say the Asian country has great potential for development. Things are certainly looking up for the Philippines, as plans for new casino resorts are on the way.
The Philippines to get three new casinos
Four new licenses have been awarded under Filipino gambling laws but only one casino has been in full operation so far. Owned by Bloomberry Resorts, the Solaire Manila and opened in March 2013 and has made a profit of $1.2 billion since then.
Melco Crown Entertainment will open its much-expected City of Dreams Manila resort some time during the second half of 2014. The company owns and runs a casino resort in Macau, which has reported a 71% increase in quarterly earnings over the last year. Now, Melco Crown is confident the gambling venue in Manila will enjoy the same success.
Filipino officials have also awarded licenses to a Japanese company which partnered up with a local investor and to Malaysian casino giant Genting. Their new casinos are expected to be operational in two to four years.