Skip to Content

Header Banner – BBIN

Operator News

Philippines – Doubt over Manila Bay’s sustainability

By - 17 December 2012

With four huge projects planned for the region, Analyst Union Gaming Group has questioned whether Manila Bay in the Philippines can support two large scale casino resorts projects.

The group’s Grant Govertsen said: “It can hardly support two integrated resorts. We’d doubt if these companies will be able to generate a meaningful return for their investment.”

His comments followed the announcement of a minority holding by local property firm Robinsons Land Corp in its Philippine project Tiger Resorts which it is developing at a cost of US$2bn.

The deal unites Universal owner and Japanese billionaire Kazuo Okada with Philippine businessman John Gokongwei. The deal will also see Robinsons Land buying a majority stake in unlisted Eagle Land Holdings Inc, which owns the site for the development. Robinsons Land will take on the commercial and residential development, including a budget hotel, at the Manila Bay Resorts complex which is set to open in 2014.

Universal did not disclose the value of the deal, which will be concluded on January 31.
Manila gaming analyst Richard Laneda, of COL Financial Group said: “The Gokongwei group is known to be very conservative and they don’t make investments without weighing the risk adding that if the license is cancelled later then the Gokongwei group can bid for it or negotiate with whoever gets.”

Share via
Copy link