New casino resort opened in Manila

“Our expectation is this will contribute to earnings within the first year of operations,” said Kingson Sian, president of Alliance Global Group Inc., the holding company of Tan, the Philippines’ fourth-richest person. The venture will tap Star Cruises’ network of more than 2.5 million customers and will bus in people from outside Manila, he said.

The casino’s opening in a former air force base is another step in the Philippines’ effort to tap Asia’s gambling boom as it could gain revenue from the region’s high rollers, Macquarie Group Ltd. analysts said. While growth has slowed in Macau, the world’s largest gambling hub still had about us$ 6.4 billion casino revenue in the first half of this year.

“The Philippines has some of the world’s best beaches and dive sites,” Macquarie strategist Alex Pomento said in an interview. “Resorts World Manila, with its world class casino and entertainment, can help the country attract more tourists and revive its gaming industry.”

The venture, Travellers International Hotel Group Inc., opened the first floor of a three-level casino at a complex that will include hotels and a shopping mall. Resorts World Manila may earn 21 billion pesos (us$ 430 million) in gambling revenue next year, compared with the city’s 17 billion pesos in 2008, according to Macquarie.

“This can create a lot of buzz and attract regional players into the Philippines,” said Manila-based CLSA Ltd. analyst Raffy Manalaysay. The project may also spur the government to “get moving” on its planned us$ 20 billion casino resort complex on Manila Bay, he added.

Resorts World Manila, located in front of the capital’s new airport terminal, will draw 11.1 million visitors and raise us$ 315 million in gambling taxes over three years, Sian said.