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The Philippines the new Eldorado for Cash Games

Philippines, new eldorado for casinoMacau succeeded in dethroning Las Vegas and so took first place in the world in the area of cash gaming. This former Portuguese colony which is the only Chinese region which authorises cash games has built massive complexes to host foreign gamblers in particular from nearby countries. This influx gave Cambodia an idea and it put everything in place to try to have a similar success. This gamble proved a winner since now it is in second place for cash gaming in Asia. The Philippines also decided to open up their country to foreign investors. So the Philippine Amusement and Gaming (PAGCOR) will no longer have the monopoly in the cash gaming sector. Lawrence Ho, son of Stanley Ho, the Macau gaming king, has just signed a 600 million dollar contract to invest in a grand gaming complex in Manila. This project, to be called Belle Grand is as good as its competitors: 1900 slot machines, 350 gaming tables, 1000 hotel rooms, a theatre, luxury shops…If the work isn’t delayed the complex should open in mid 2014.Other gaming operators, 4 to be exact, have also succeeded in obtaining the authorisation granted by the Philippine government to construct gaming complexes which should each cost a minimum of a billion dollars. Kazuo Okada, a Japanese businessman, got his licence to operate a casino in Manila in 2008 and this should open after 2015.
The Manila Entertainment City may have a negative effect on the other casinos because it is valued at 10 billion dollars.Thanks to such investment, the Philippines will be able to revitalise its economy. These gaming complexes will create many jobs and will bring back business to the surrounding shops. Of course the Philippine government wishes to keep an eye on these gaming complexes to prevent any risk of addiction in its population but will it be able to fight against money laundering?
By | 2014-05-27T12:24:41+00:00 December 28th, 2013|Asia, Casino, News|0 Comments