Philippine casinos on the rise
Whilst Macau announced its worst quarter in years, casino operators elsewhere in Asia are experiencing better times.
Philippines.- The Philippine Amusement and Gaming Corp (PAGCOR) announced its first-half year results reporting gains across the board. Besides operating its own casinos and numerous VIP slot clubs in major cities in the Philippines, PAGCOR is also responsible for overseeing and regulating privately-owned casinos, close to 200 bingo parlors and e-games cafes throughout the country.
PAGCOR reported PHP 26.9 billion (€518 million) in total income for the first half of 2016 representing a robust 8.6 percent growth from the PHP 24.8 billion (€477 million) reported the same period a year ago. Additionally, income from gaming operations grew by a19.6 percent from the PHP 21.8 billion (€433 million) during the first six-months of 2015 to PHP 26.1 billion (€474 million) this year.
Net income increased by a lower-rate of 2.5 percent from the PHP 2.39 billion (€46 million) reported in the first-half of 2015 to PHP 2.45 billion (€47 million) reported this year. One reason why net income didn’t increase proportionally to revenues was a result of a 3.1 percent increase in operating expenses from PHP 6.8 billion (€130 million) in the first-half of 2015 to PHP 7.0 billion (€135 million) in the first six-months of this year.
Earlier this month the Japanese gaming tycoon Kazuo Okada announced that they’re planning to invest a total of €3.7 billion in Okada Manila, the third integrated casino resort to open doors as part of the larger Entertainment City project in the heart of the Philippine capital. Okada aims at building a complex that would be able to compete with what is currently offered in Macau and other parts of Asia.
