Philippine casinos doing better than Macau
The esteemed CEO of a gambling company has recently said that the casinos in Philippine are still doing better than Macau.
The crackdown that China has unleashed on the gaming sector has affected the gaming revenues in Macau quite a lot. Their profits were 37% down in the first half of the year and that trend continued all the way to September. October marks the 16th straight month of decline for the casino industry in Macau.
“The good thing now, in hindsight, is that our relationship with China is really not that good. So we never had the business from China, which nowadays is probably a good thing” said the CEO.
Philippine casinos on the other hand saw their revenue grow by 16% to the sum of $1.4 billion and according to the Philippine Amusement and Gaming Corp (PAGCOR), there is a real chance that the gaming revenue will reach $3 billion this year.
Despite all of this the investment group CLSA said in a September report that operators from the Philippines are not entirely immune to the collapse in the Chinese VIP space but they estimated that the impact will be somewhere between 10% to 15% at most. While bad news are still heading for Macau it seems that the Philippine casino market will be just fine.