Border reopening lifts PH gaming industry

  • 📰 MlaStandard
  • ⏱ Reading Time:
  • 73 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 32%
  • Publisher: 55%

South Africa News News

South Africa South Africa Latest News,South Africa South Africa Headlines

PH Casino Industry: Towards Responsible Gaming Things are looking rosy again for the Philippine casino and gaming industry amid the reopening of the country’s borders to international tourists, loosening of mobility restrictions, and easing of--

More licensed gaming operators reported higher gross gaming revenues, improved foot traffic, and higher non-gaming revenues in the third quarter of 2022.

PAGCOR predicted that the Philippine gross gaming revenues would exceed 2019 levels by 2026. But as early as now, many gaming firms are reporting gaming revenues closer to pre-pandemic levels.Tiger Resort, Leisure and Entertainment Inc., the operator of Okada Manila Casino Resort in Entertainment City complex in Paranaque, has yet to release its third-quarter performance, but its top executive noted the dramatic increase in visitors this year.

“We at Okada Manila are seeing green shoots of recovery from when the pandemic struck the Philippines in 2020. Through the collaboration of our employees and leaders, Okada Manila was able to record more than two-fold growth in our monthly foot traffic,” Yip said.It has recently expanded its retail business, revamped some of its restaurants and opened a new VIP club and function rooms.

Nine-month consolidated GGR hit P35.4 billion, representing an increase of 80 percent from P19.6 billion in the first nine months of 2021. “Against a global economic backdrop of rising inflation and interest rates, our business saw third-quarter gaming volumes further improve toward pre-pandemic levels,” Bloomberry chairman and chief executive Enrique Razon Jr. said.

Meanwhile, Travellers International Hotel Group., the owner and operator of Newport World Resorts, an integrated tourism complex in Pasay City, also performed stronger in the first nine months of the year.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 20. in ZA

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Philippine smartphone market shrinks for fifth straight quarter as inflation soarsThe Philippine smartphone market declined for the fifth straight quarter in July to September as vendors chose to clear inventories and inflation hit spending patterns, data released by the International Data Corp. (IDC) on Wednesday showed.
Source: gmanews - 🏆 11. / 68 Read more »