Inside Asian Gaming

INSIDE ASIAN GAMING | November 2010 10 Cover Story T he Philippines casino market was first regulated 33 years ago and now consists of more than 30 gaming properties across the country. In addition, the majority of Asia’s online gaming companies are domiciled in the Philippines, which was the first regional jurisdiction to license online operators. Unlike South Korea, the Philippines government allows its citizens open access to all land-based gaming properties and also actively solicits international investment in the land-based and online industries. That appeal to international investment for the land-based sector has hadmixed results so far. One success story is ResortsWorld Manila next door to Manila International Airport, a US$700 million joint venture between Genting Hong Kong and Alliance Global Group, a Philippines conglomerate. The project, which had its first phase opening in August 2009, is comparable with Macau properties for the quality of its gaming floor, its hotels and other facilities. The Philippines is only a two-hour flight away from key markets such as China and a four-hour flight from South Korea and Japan. But the country’s gaming market is not yet universally regarded either by industry analysts or by all would-be investors as being a safe bet in the medium to long term. Plus and minus The Philippines’ market advantages—including a friendly service culture and widespread use of an international language, English—have to be set against some significant disadvantages. The country’s gaming regulator, the Philippine Amusement and Gaming Corporation (Pagcor), has a patchy reputation domestically Gambling on Asia A rundown of the region’s up-and-coming casino jurisdictions I f South Korea is a sleeping giant in the Asian casino sector, there are a number of other jurisdictions that also have strong potential. One of them, the Philippines, also has a casino industry that is three decades old. Having a legacy industry creates challenges as well as operational advantages. But in an Asia Pacific region with a huge pent up demand for casino gambling and only a limited supply of product, being an incumbent must count as a huge advantage. Here, Inside Asian Gaming gives a brief guide to some of the haves, have-nots and maybe soon to haves, of regional casino gambling. All Shook Up The Philippines has a chance to create a world class gaming industry—with the right reforms THE PHILIPPINES