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$1 billion casino heats up Philippine gambling race, iGaming Post

$1 billion casino heats up Philippine gambling race, iGaming Post | Poker & eGaming News | Scoop.it

Bloomberry Resorts Corp, says it is on track to open its $1 billion integrated resort and casino in Manila Bay by the first quarter of 2013. Bloomberry’s Solaire Manila will be the first of four resorts to open in Entertainment City, which is being developed on reclaimed land in Manila Bay. The other three integrated resort and casino projects are being undertaken by billionaire Henry Sy’s SM Group, Travellers International Hotel Group, as well as Japanese businessman Kazuo Okada’s Tiger Resorts Leisure and Entertainment Inc.

 

Entertainment City will be the country’s version of Macau, which is the world’s largest gambling center.

 

Other sources:

http://www.innovategaming.com/melco-to-enter-manila-casino-market

 

Macau casino operator Melco Crown Entertainment is set to enter the prosperous Philippines market by partnering with local property developer Belle Corp., controlled by the country’s richest man Henry Sy. The deal will see the company develop a $1 billion casino resort at Manila Bay.

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Asian land-based casinos are booming, GamingZion

Asian land-based casinos are booming, GamingZion | Poker & eGaming News | Scoop.it

Macau’s gambling industry resembles an oligopoly. It is controlled by six operators that were granted 20-year licenses. The gambling bonanza continues and these operators rake in tens of billions of dollars annually. This makes them hardly complain about the 40% tax rate China imposed on gambling revenue in Macau.

 

Singapore is one of the competitors. It taxes the casinos from as little as 12.5 % to still relatively low 22.5%, depending on gambling type (i.e, high roller vs. small bettor). Nevada casinos pay as little as 6.75% on their revenues.

 

Other countries entering the race for casinos include Philippines, Vladivostok in Russia and  maybe North Korea.

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Philippine's Pagcor grew by 23% yoy, Phil at G3

Philippine's Pagcor grew by 23% yoy, Phil at G3 | Poker & eGaming News | Scoop.it

The Philippine’s state-run gaming company Pagcor posted record results for a record breaking 11th consecutive month (Pagcor) in May when it generated P3.71bn. Gross Gaming revenue for the year up to May has reached at P17.43bn (411 MUSD), a staggering P3.26bn higher the for the same period last year.

 

The group has sets its sights for Manila as a whole high. It has brought in international names to operate in its Entertainment City Manila, which it believes has the potential to attract over 1m annual visitors and claim at least a 10 per cent slice of the estimated US$120bn-a-year global casino industry.

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