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The Philippines Enjoy Huge Increase in Casino Profits
- March 19, 2015 By Nemanja L. -
Philippines’ hopes of establishing themselves as one of the largest gaming hubs in the world have suffered a major boost as the nation’s biggest casino announced huge profits in 2014.
Bloomberry Resorts, the parent company of the Solaire Resort and Casino, revealed that revenues in 2014 doubled to PHP 24,122 billion ($536 million) from 2013, while net profit rose to PHP 4,072 ($91 million) as opposed to a loss of PHP 1,315 billion (29 million) from the previous year.
The Solaire Resort and Casino only opened in March 2013 as the first of four mega casinos expected to open in Manila Bay’s Entertainment City.
These four gambling establishments are at the forefront of the country’s efforts to become a true gambling hub and rival the likes of Las Vegas and Macau.
The mere fact that the first of these casinos, owned by billionaire Enrique Razon, has earned more than half a billion dollars in revenue in its second year is enough to suggest that the ambitious plans of the Philippines chiefs are not without proper backing.
City of Dreams, the second mega casino, opened at Entertainment City in February as a joint project of Lawrence Ho, the son of Macau mogul Stanley Ho, and Australian billionaire James Packer. The remaining two establishments are scheduled to open its doors in 2016 and 2018 respectively.
Caesars Entertainment Applies for Casino Licence
There have been more good news for the Philippines’ gambling industry given that world-famous Caesars Entertainment revealed back in October that they were looking to build the fifth mega casino at Entertainment City.
And while the gaming revenue in the country last year stood at around $2.5 billion, the Philippines plan said earnings to reach some $7 billion per annum in some five years, which would make them on par with Las Vegas and Macau.
This is another Asian country that has recognized the potential of a regulated gambling market, where most casinos are found in luxury hotels and tourist resorts, with the recently constructed Entertainment City expected to be a huge success.
While the Philippines Amusement and Gaming Corporation (PAGCOR) is the only authorized gambling operator in the country, the Cagayan Freeport has the power to issue gaming licenses to foreign operators, meaning that nation’s residents are allowed to take part in all forms of online gambling.