MANILA, Philippines – Travellers International Holdings Inc, the joint venture of tycoon Andrew Tan’s Alliance Global Group and Malaysia’s Genting Group, remains bullish about the Philippine gaming industry.
Travellers operates Resorts World Manila, the first integrated leisure and resort property in the Philippines.
Such is the sentiment despite falling gaming revenues in gambling destination Macau and the opening of City of Dreams Manila – the $1.13-billion integrated casino and resort project of Melco Crown Entertainment, which will open grandly before the Chinese New Year celebrations.
In an interview at the sidelines of a property forum Thursday, January 8, Tan said the City of Dreams Manila would be good for the whole domestic gaming industry over the long-term period, for it will strengthen the country’s bid to be one of the leading gaming and tourist destinations in Asia.
“We welcome competition, especially good competition. I think in the long-term, it’s good for the industry because the Philippines will now become a destination. There will be more hotel rooms and attractions to attract more tourists,” Tan said.
Tan is also expecting the domestic gaming industry to stay positive despite the declining gaming revenues in Macau.
The dwindling number of ultra-high rollers significantly impact Macau’s gaming revenues, Tan explained.
“We don’t have that segment of the market here and I think that ultra-high rollers now are thinning out that’s why their (Macau) growth has been slow last year,” Tan said.
Macau’s gross gaming revenues dropped 30.4% in December 2014, compared to December 2013, the Gaming Inspection and Coordination Bureau of Macau reported.
For full-year 2014, revenues dropped 2.6%, driven mainly by a material decline in VIP gaming as the Chinese government intensifies its efforts to combat corruption and China’s slowing economic growth.
Foreigners, the Philippines major gaming market, come and play or visit domestic casinos.
“These (foreigners) are not the very high rollers. These are just the regular customers,” Tan added.
Traveller’s market is still growing with numerous hotels being built now, Tan said.
Travellers also commenced site development in its second gaming facility called Bayshore City Resorts World in PAGCOR Entertainment City.
Bayshore City Resorts World is scheduled to open in the last quarter of 2018. – Rappler.com