Inside Asian Gaming

IAG JUN 2022年6月 亞博匯 24 PHILIPPINES The Philippines was among the countries hit hardest by COVID-19, with Delta resulting in a daily peak of 26,251 cases in September, surging to more than 38,000 in mid-January following the arrival of Omicron. But recovery has been swift – so much so that the government reopened its borders to fully- vaccinated international tourists in February. It also eased capacity restrictions in Metro Manila in March and dropped all lockdowns nationwide in April – the first time in more than two years the country had been lockdown-free. While industry recovery has been largely driven by the Philippines’ strong domestic market – international business is expected to take longer – the early signs are good: Manila’s market leading Solaire Resort & Casino reported gross gaming revenues of Php8.9 billion (US$170 million) in 1Q22 – up 30% year-on-year and 12% higher than the December 2021 quarter. Its local rival, Okada Manila, felt the impact of headwinds facing the regional VIP industry, with VIP revenue down 33% quarter-on-quarter, but mass and slot revenue grew by 7% to reach 76% of pre-COVID levels. More importantly, investment bank Morgan Stanley wrote in an April note that it expects Philippines industry GGR to reach 85% of 2019 levels by the end of the year, and possibly higher, “enabled by ASEAN travel reopening in 2Q22 and eased COVID control measures as of March 2022.” Light & Wonder’s Vice President and Managing Director for Asia, Ken Jolly, told IAG the Philippines is clearly the fastest recovering market in Asia, with definite signs that casino floors are getting busier and passenger volume at airports in Manila and Clark increasing. “The Philippines is by far the strongest market in terms of ramp at the moment,” Jolly said. COVER STORY Solaire Resort & Casino in Manila. 晨麗度假城馬尼拉