According to an industry report, the Philippines casino industry growth may be slowed down due to the competition from neighboring Macau.
In 2018, Manila casinos grossed over the US $2.5 billion. However, the analysts have said that this year the revenue growth will suffer due to a regional competition.
The report said that Manila casinos are at a disadvantage in comparison with their regional counterparts like Macau, Singapore, and Malaysia, in terms of gambling regulations. As such the VIP footfall may decline.
It should be noted that high rollers contribute to over 30 percent of the gaming revenues of privately operated casinos in the Philippines.
Adding to the uncertainty of the regulations is the recent remarks from president Duterte, in which he criticized gambling in the country. President Duterte has not been supportive of gambling activities in the country.
According to analysts, the gambling industry in the country will also be hit by the slowdown in the Chinese economy and with Singapore becoming a favorite of many casino lovers in the region.
The report says that gambling revenues in the Philippines will remain flat and then the growth rate is unlikely to be the same as that of the past year.
Earlier last month, Macau had extended licenses of six major casinos including MGM Resorts International for next three years.
In Singapore as well the government had approved the expansion of two casinos one operated by the Genting group and other by Las Vegas Sands.