THE CASINO INDUSTRY in the Philippines is expected to grow even faster this year due to improved tourism prospects amid a recovery of the general economy, the head of the state gaming regulator said yesterday.
"On average, Pagcor and the gaming industry has an 8%-10% year-on-year growth. But it’s possible that we can exceed this target with the good news that we have been getting about the economy," Philippine Amusement and Gaming Corp. (Pagcor) President and Chief Operating Officer Rafael Butch A. Francisco said in an interview at the sidelines of the Gaming and Entertainment Expo yesterday.
He said Pagcor and its licensed casinos in economic zones had an overall revenue of P8.7 billion in the first two months of the year. Pagcor was able to bring in P4.4 billion in January-February, while its licensed casinos in ecozones like Clark, Subic, Poro Point and Binangonan reported revenues of about P4.3 billion in the same period.
Mr. Francisco noted that Pagcor and its casinos posted revenues of about P60 billion last year. He said Pagcor itself saw revenues grow 6.8% to P29.8 billion last year from P29.6 billion in 2008. He did not provide corresponding figures for the agency’s licensed casinos.
Jeffrey Evora, vice-president of marketing of Resorts World Manila, said improved tourism this year, as the world emerges from its slump, should attract more visitors to casinos and other entertainment venues in the country. "While tourism in the Philippines is still gaining ground, new attractions would be around to service and attract more visitors," Mr. Evora said.
For instance, he said, Resorts World Manila plans to build a mall, with brands like Tiffany and Co. and Burberry expressing interest as well as a theater that will host Broadway productions.
But an improving global economy, which will see foreign tourists spending more, will also mean increased competition from gaming centers elsewhere.
Michael Chen, president of Harrah’s Entertainment, Inc., said casino firms must integrate gaming with other entertainment offerings in order to compete.
"It’s all about competition. You have countries like the Philippines and areas like Macau and China that are opening gaming and entertainment attractions. There are more choices, so the challenge is how to attract people to your business. And one of the ways is creating an integrated experience for the customer that goes beyond the casino floor," said Mr. Chen.
He noted, for instance, the use of social networking sites that host games. -- E. N. J. David
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