The Vista Land chairman says construction of the Gold Coast Entertainment City project is almost complete.
The Philippines.- Philippine real estate developer Manuel Villar, Chairman of Vista Land, says that his new casino in Manila will open in 2023. Villar said construction is almost complete on the 18,000-square-metre Gold Coast Entertainment City project near Ninoy Aquino International Airport.
In an interview, Villar said US$1bn had been committed to the project. He hinted that a foreign operator could run the casino but didn’t provide details about potential partners. The venue will also have hotels, condominiums, a shopping mall and a theme park being developed by the private investment company Premier Asset Ventures.
Villar sai the project’s name, partners and opening date will be revealed early next year. Meanwhile, Megaworld Corporation, an affiliate of the Travellers International Hotel Group, has announced that it will invest PHP15bn (US$261.34m) to build a new “integrated lifestyle community” in Manila featuring a mix of residential condominiums, hotels, commercial developments and a casino.
The project will be built on the site of the former horse racing track, which the group purchased from the Manila Jockey Club for about PHP1.89bn (US$32.92m). According to the company, the development will be inspired by ‘Old Manila’ with structural designs reminiscent of the pre-war era. Completion is expected in 2028.
Philippines to become a regional leader in GGR, analysts say
According to a report by industry consultancy GCG Gaming Advisory Services, the Philippines could compete with Singapore as the region’s leader in gross gaming revenue over the next few years. The report says the Philippines will recover to pre-pandemic levels well before other markets and reach 2019’s GGR of US$5.01bn in 2023.
It expects the Philippine gaming market to grow to an annual GGR of US$10bn by 2027. It estimates a GGR of about US$1.1bn to US$1.3bn for the fourth quarter of this year and in the range of US$3.9bn to US$4bn for all of 2022. That includes revenue from the country’s licenced bingo operations, online gaming and e-sabong.
GBGC previously told Focus Gaming News it sees the Philippines as the most serious contender to Macau’s gaming thanks to having several integrated resorts to rival Macau. It also recently allowed licence holders to begin online gaming operations, which GBGC said gives it an advantage over Macau’s concessions, although Macau retains the geographical advantage of its proximity to mainland China.