Despite the industry slump registered in the Chinese VIP market last year, the Asian country landed a double-digit growth.
Philippine.- The Philippine Amusement and Gaming Corp (PAGCOR) informed that gross gaming revenue from both the government and private-operated casinos increased 17 percent from 2014, reaching PHP130 billion (US$2.75b) during 2015.
As PAGGOR chairman Cristino Naguiat explained, even though last year’s gaming revenue did not reach the previous forecast of US$3b, the overall activity showed a big improvement.“PAGCOR, itself, showed a 15.75 percent increase in gaming revenue, while those of the licensees are up 18 percent,” added Naguiat. Furthermore, junket operations revenue also improved.
Last year saw how the corruption crackdown in China reflected in the local gambling industry. For many, like the First Metro Investment Corp, the decline in a struggling Macau could benefit Philippine’s businesses, whilst others fear that the slowdown in Asia could be general for the whole market. In Macau, casino gaming revenue fell 34.3 percent year-on-year in 2015.
PAGCOR’s chief considered that the Philippine gaming industry adapted well to the changing environment and he also expressed optimism regarding Macau’s recovery. “The market is not really weak.They’re still big and they just opened a huge casino named Studio City,” he added.