Philippines: Casino sales may hit us$ 11 billion in 5 years

“In five years’ time, we will beat Las Vegas. We have so many tourism sports in the Philippines,” Pagcor chairman Cristano Naguit said in an interview at the groundbreaking of the us$ 2-billion entertainment and gaming complex in Bagong Nayong Pilipino Entertainment Complex along Parañaque City.

Naguit said the us$ 10 billion to us$ 11 billion gaming revenues would primarily come from the four casino complexes to be constructed by the four operators that earlier received licenses to operate within the 108-hectare Entertainment Complex.

The four are Belle Corp., Bloomberry Resorts Corp., Travellers International Holdings and Universal Entertainment. Naguit said the entertainment complex will start generating revenues by 2014 with the opening of casino and entertainment hubs to be operated by Belle Corp. and Bloomberry Resorts.

Meanwhile, Tiger Resorts, Leisure and Entertainment, a unit of Japanese pachinko company, Universal Entertainment, broke ground on its us$ 2-billion entertainment and gaming complex called Manila Bay Resorts.

The 45-hectare complex is envisioned to put the Philippines on the world map of entertainment and gaming hub in the region.

“The Philippines, with its scenic environment and world-famous Filipino hospitality is an excellent location for the next huge entertainment tourism hub in the region,” Universal Entertainment chairman Kazuo Okada said. “Considering its proximity to China, South Korea, Japan, Singapore and Hong Kong, Manila has a competitive advantage over other major Asian cities.”