As Metro Manila’s land-based casinos begin to reopen at limited capacity under Duterte administration guidelines, PAGCOR-licensed locations can finally work to repair huge losses caused by the Chinese coronavirus.
Most of them are anyway.
One famous casino – once again, despite relaxed quarantine rules that allow it to accommodate on-site customers – has yet to open.
New Coast Hotel Manila is voluntarily closing.
Formerly the New World Manila Bay Hotel, it lost as much as $39 million in revenue year-over-year due to COVID-19.
Most of these losses are related to the hospitality of the business because the site typically rents space to PAGCOR. Demand for this fell nearly 40% to just $18.2 million in revenue.
In addition, as a major poker host for the region’s poker star brand, the venue grossed $500,000, well below the annual average.
Overall, the New Coast Hotel Manila lost about $29.4 million, with a loss of $39 million.
Of course, if gambling laws on these islands had allowed legal online Philippine casinos, much of this would have been eased across the industry.
But it’s neither here nor there. Yet.
So back to the present:
Some speculate that the International Entertainment Corporation (IEC), the parent company of New Coast Hotel Manila, has decided to fold it instead of holding it, but in fact, this is not likely to be the case.
Although the Hong Kong-based IEC suffered huge losses, it was actually approved by PAGCOR to switch to an appropriate integrated resort casino.
Licensing details are still in place, and given the need for such a major overhaul (including significant new construction to keep pace with other integrated resort casinos in Manila), it makes sense to use this time to plan the venue’s facelift once it is fully licensed by the government.
This is possible from a sound investment perspective as the Philippines is emerging as a real tourist destination for games in Southeast Asia.
If successful, the region would take the mantle away from Macau, where the world’s richest casino district was, with profits before COVID-19.
China has recently introduced efforts to prevent its citizens from traveling to overseas areas where casino gambling is easily available, but the Philippines could be included in the list.
This may have the effect of maintaining more Chinese gambling funds in China (via Macau), but it may also isolate the region more from foreign travelers choosing the Philippines over their neighbors.
Source: 바카라사이트