MANILA – The country's gaming sector is currently the real estate industry's "sunshine market" with several casinos expected to open shop in the coming years, real estate service provider CBRE Philippines said.
CBRE Philippines said the country’s gaming industry is seen to flourish and even rival that of Macau if the sector’s strong performance continues.
Citing a report by Fitch Ratings, CBRE said the expected driver of growth is the Entertainment City of the Philippine Amusement and Gaming Corp. (Pagcor).
The Entertainment City in Parañaque will house four casinos, two of which are already open -- Razon-owned Solaire Resort and Casino and City Dreams Manila, a venture owned by Melco Crown Entertainment Ltd. and the SM group.
CBRE added that based on its own market view, strong revenues are expected this year through other licensed players including Travellers International Hotel Group, Bloombery Resorts Corp., Melco Crown (Philippines) Resorts Corp., and Tiger Resorts.
“We are bullish on the growth of the real estate--gaming sector especially when private and public entities focus on developments and implementations that will favor investors. If the performance of the sector continues on an uptrend, the Philippines can even rival Macau,” said CBRE Philippines chairman and chief executive Rick Santos.
The real estate consultancy firm also said the new gaming attractions will help boost the country’s tourism.
According to CBRE, real estate developers can opt for a holistic approach by developing entertainment complexes that feature commercial, leisure, and gaming activities.
“Tourism does play a hand in the development of the gaming sector as the Philippines goes beyond the casinos; tapping into other hospitality aspects such as MICE (meetings, incentives, conferences, exhibits) and entertainment,” said Santos.
The rise of the gaming sector is also seen to bring in gamers and high rollers from neighboring countries.
Data from the Department of Tourism showed that visitor arrivals reached 456,524 in February, which is 8.02 percent compared to the 422,631 arrivals in the same month last year.