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Gaming revenue in PH to reach $6b

Melco Crown Entertainment Ltd., a Macau-based gaming and casino developer, expects the Philippine gaming industry to grow to $6 billion within the next five to six years. Melco co-chairman and chief executive Lawrence Ho said the Philippine market would be comparable with Las Vegas in the US or Singapore in the medium-term period. “We expect Manila operations to contribute a significant part to Melco’s growth. We are focused on the opening of our Manila Resort. It is important for us to have the best partner and we’re fortunate enough to have SM’s Belle Corp. as our partner,” he said. Manila is Melco’s first foray outside of Macau. It expects revenue from casino and hotel operations in Macau to grow 15 percent to $3.45 billion in 2013 from $3 billion in 2012. Melco Crown is a joint venture between Ho and Australian billionaire James Packer. The gaming company is keen on the Philippine market because of a rapidly increasing middle-class market and the country’s strong economic growth.
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