Okada Manila to boost Philippines casino industry
According to Morgan Stanley Asia, the Okada Manila casino resort will help expand the casino industry’s GGR in the Philippines.
Philippines.- Investment bank Morgan Stanley Asia Ltd has released a report saying the Okada Manila casino resort will have a big impact on the industry during 2018. Projections say it will help to push the gross gaming revenue (GGR) in the private sector and is set to take market share from three other established venues.
Analysts Alex Poon and Praveen Choudhary explained that “mass revenue growth has strong correlation with hotel room supply growth” and commented on the 500-room hotel tower: “The opening of Okada Tower A in first quarter 2018 could accelerate growth in 2018.”
According to Morgan Stanley, casino GGR for all four private-sector Manila gaming resorts is set to grow by 32 per cent during this year. The Okada Manila plays a big role in said growth as, without it, the bank’s projections would only reach a 14 per cent jump.
“We forecast VIP GGR growth of 36 per cent in 2018 with existing casinos (apart from the Okada Manila) growing at 13 percent,” assessed the bank’s analysts and added: “Since VIP revenue in the Philippines of US$1.0 B in 2017 is small compared to regional peers like Macau (US$16 B.) and Singapore (US$2 B.), we see huge future upside.”
