
In this photo taken on March 12, 2013, employees at the giant Solaire Resort and Casino Manila practice at gaming tables ahead of the opening on March 16, 2013. Solaire Manila Resorts is the first of four enormous entertainment venues slated to rise over a giant chunk of prime, reclaimed land that industry and government leaders expect will attract millions of cashed-up Asian tourists. ©AFP PHOTO / Jay DIRECTO Manila, Philippines | AFP | – The owner of the Philippines’ first mega-casino on Friday said its second-quarter profits halved amid an industry wide slump that could threaten the country’s bid to become a top gaming destination. Travelers International Hotel Group, operator of Resorts World Manila, said net income for the April to June period fell 46.78 percent from a year earlier to 619.04 million pesos ($13.4 million) as gaming revenues declined. The results, which missed the 1.39 billion pesos analyst forecast compiled by Bloomberg News, come after rivals also reported disappointing results due to a slump in Chinese visitors and rising costs. Travelers’ first-half net profit fell 18 percent to 2.36 billion pesos, after surging over the same period last year, the company said in a stock exchange filing. “The outlook on the casino industry is negative. The mass market is not growing as fast as everyone expected,” Angping and Associates Securities research chief Jose Rafael Supangco told AFP. Bloomberry Resorts, owner of the Solaire casino, said Thursday it swung into the red in the second quarter due to higher Read More …






