New casinos in Phillipines?
It is no secret that Manila is quickly becoming a focal point for gambling in Asia, and recent developments will only magnify the sense that the Philippines is a new gambling hub on this continent. These recent developments include the growing number of plans to build new casinos outside of Manila. Philippine Amusement and Gaming Corporation (Pagcor) chairman Cristino Naguiat said in an recent interview that the agency is “open to giving out a casino license if it can help boost economic activity and if the people in the area want it.”. The casino regulator may issue gambling licences for interested areas with a minimum of $300 million investment in each project. This is a significant drop from the near $1 billion that is usually required in Manila.
Tiger Resorts Leisure and Entertainment are scheduled to open the biggest resort to date in the country later this year, having invested $2 billion in their project.
MGM to delay opening of $3B MGM Cotai
MGM Resorts, like other companies with casino investments in Macau, find themselves in an increasingly difficult position. Having posted results for the last quarter and the previous year, it seems that all US casino operators in Macau are seeing steady declines in business. In the final quarter of 2015, revenue fell by 8% for MGM, while operating income was recorded as a $1.2 billion loss. With the seemingly endless stream of bad news coming from Macau, MGM have made what they are calling “a strategic decision” to delay the opening of their new casino there, which was scheduled to open at the end of this year. They claim that opening up a few months later will avoid clashing with other casino openings. All the evidence suggests that any hopes of an upswing in Macau's fortunes seem destined for disappointment.
Mohegan Sun wins South Korea License
South Korea continue to embrace the possibilities of gambling resorts, and are granting licences for more casino resorts in their country too. One resort in particular should be an exciting prospect, as the Mohegan Tribal Gaming Authority have been granted permission to break ground on a $5 billion casino resort at Incheon Airport. The project should get underway at the start of 2017, with completion scheduled for before 2020. The casino resort will feature a luxurious hotel with 1,350 five star rooms, amusements, and the casino floor itself, which will cover an astonishing 20,000 square metres.