Philippines releases monthly report
Morgan Stanley has revealed an analysis about last month’s gaming revenue in Philippines.
Philippines.- The international financial firm Morgan Stanley has released a comprehensive report analysing the Philippine gaming market, focused on Manila casinos. As year-on-year business growth in the private-sector casinos in the Philippine capital Manila is likely to decline quarter-on-quarter, the expectation “remains strong” in comparison with 2016.
Morgan Stanley said it expects respective gross gaming revenue (GGR) and earnings before interest, taxation, depreciation and amortisation (EBITDA) for three Manila casino resorts – excluding Okada Manila – to decline by 8 percent to 10 percent quarter-on-quarter. In hard numbers that would mean, respectively, sequential declines to a range of approximately US$464.4 million.
“Yet, year-on-year EBITDA growth of 27 percent for Bloomberry and 21 percent for Melco [Resorts Philippines] remain strong,” said analysts Alex Poon and Praveen Choudhary in their Sunday memo.
Meanwhile, the real estate consultancy firm Colliers International has urged the government to contribute with the gaming industry by reinforcing the security measures and delivering a softer message. The firm explained that the tourism industry’s revenues could be severely reduced during this quarter and spreading fear of attacks is not helping to swift the tendency.
