AGI bets on Philippines’ gaming chances
The Philippines can become one of the largest gaming destinations in Asia-Pacific—just behind Macau and Singapore—with the growing income of households across the region.
According to Andrew-Tan led Alliance Global Group Inc., the country has the advantage of a large population and stable economic prospects, giving the country an edge over other gaming centers in the region.
“In time, we can be the number three in the region, beating even Malaysia,” Alliance Global president and CEO Kingson Sian said in a recent interview. “Their population is only 20 million. The Philippines has close to 100 million,” he said.
Alliance Global, in a joint venture with Malaysia’s Genting Group, operates Resorts World Manila, one of the newest and most popular hotel and casino complexes in Metro Manila today.
Sian noted that the government’s planned Philippine Amusement and Gaming Corp. (Pagcor) Entertainment City development by Manila Bay would boost the country’s gambling sector, creating thousands of new jobs and attracting even more tourists.
AGI is one of four groups that have obtained licenses to put up casinos in the new gaming complex.
The three others are local group Belle Corp., Razon-led Bloomberry Resorts and Hotels Inc. and Japan’s Aruze Group.
Sian said the area would allow the Philippines to attract a substantial share of the market that has made Macau and Singapore the world’s top destinations for gaming in terms of revenues.
Despite having just two casinos, Singapore was forecast earlier this month to pass Las Vegas as the world’s second-highest gaming revenue earner, next to the Chinese city of Macau.
“Asia is the best place for gaming today,” Sian said. “The continent has a big population and income levels are growing,” he said.
At the moment, Sian said about 60 percent of the visitors at the Resorts World casino are Filipinos.
“But over time, foreigners from Korea, China and Malaysia will overtake locals,” he added.
First-quarter core profit of AGI, which also has interests in real estate, liquor and the local franchise of the McDonald’s fast food chain, grew 28 percent year on year to P2.85 billion.
