Philippines – Manila’s Entertainment City to hit 85 per cent of pre-pandemic levels by end of 2022By Phil - 22 April 2022
Analysts at Morgan Stanley believe that the casinos in Manila’s Entertainment City, namely City of Dreams Manila, Okada Manila, Resorts World Manila and Solaire, will reach 85 per cent of pre-pandemic gaming revenues by the end of 2022, as international borders reopen.
Analysts Gareth Leung and Praveen Choudhary believe that first quarter revenues will increase by 15 per cent quarter-on-quarter to Php26.8bn (US$51m), with mass gaming and slot revenue leading the way back to 68 per cent of pre-pandemic levels.
They said: “This could reach 85 per cent of pre-COVID levels by 4Q22, enabled by ASEAN travel reopening in 2Q22 and eased COVID control measures as of March 2022. Pent-up demand and election-induced consumption could provide upside to our estimates.”
They also predict that PAGCOR and the Philippines’ licenced casinos will peak at just 40 per cent of prepandmeic levels by the first quarter 71 per cent of 2019 levels by the fourth quarter at Php9.7bn (US$185m).