MACAU — The Philippines has a long way to go before matching Macau as a gaming and entertainment hub, but analysts said the country is making the right moves in building significant momentum for the industry’s growth.
May 162017
Apr 192015
Gambling has been part of human civilization for thousands of years, and continues to thrive in the vast majority of countries worldwide. Asians are perceived to be among the world’s most avid gamblers, an image supported by the explosive growth of gaming in Macau and other Asian economies over the last 15 years.
Apr 042014
MANILA, Philippines – Belle Corp., the gaming arm and upscale leisure developer of the SM Group, breached the P3-billion income mark last year as rental revenues from its new integrated casino project streamed in. In a regulatory filing, Belle said its consolidated net income surged more than six times to P3.63 billion last year from P555.66 million in 2012. “This was achieved due to significantly higher revenues and a day one gain on finance lease accounting of P2.34 million,” the company said. It also recorded a P772.2-million gain from the swap of 809 million Highlands Prime Inc. shares for 109 million SM Prime Holdings Inc. shares, the property firm said. Gross revenues grew more than five times to P2.62 billion from P494.43 million a year ago. Belle said it posted higher revenues “due to the receipt of revenues arising from the lease and operating agreements with Philippine subsidiaries of Melco Crown Entertainment Ltd. totaling P2.28 billion.” Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Belle is the builder of the $1.3-billion City of Dreams Manila complex in the Manila Bay reclamation area. Macau-based casino giant Melco Crown, for its part, leases the property and will operate the integrated casino. Gross revenues from sales of real estate and club shares for 2013 of P175.3 million was lower by 46 percent compared with P323.6 million a year ago. “Gross profit from sales of real estate and club shares for 2013 of P59.9 million was also lower than the gross profit of Read More …
Feb 172014
By Matikas SantosINQUIRER.net 4:55 pm | Monday, February 17th, 2014 MANILA, Philippines – A Filipina overseas worker in Macau and sole breadwinner of her family in the Philippines was killed in a car accident after participating in the Iglesia ni Cristo (INC) worldwide walk event last Saturday. Imelda Ignacio-Austria, 48, was hit by a car as she was crossing a street on the morning of February 15, her husband Villamor Austria, 45, said in a phone interview with INQUIRER.net Monday. Fellow INC members in Macau were the ones who informed him of the tragic accident. Villamor said that he and their 14-year-old boy and nine-year-old girl rely on the remittances of Imelda as he has yet to get a job after his previous work in construction. A report by the Macau Daily Times published Monday said that the driver was “in his twenties,” and had passed the breathalyzer test, which measures blood alcohol levels. “She was crossing the road between the Macau Tower and Sai Van Lake Square with two other Filipino women at around 10 am on Saturday, before being hit by a private car,” it said. The report also said that police believe she may have been jaywalking. It did not state whether the driver has been detained. Elvin Jerome Austria Laceda, a nephew of Imelda, said that they are worried the driver will not be held accountable if it was found her aunt was jaywalking. “We are worried that they might have local laws there that would Read More …
Nov 282013
Manny Pacquiao (right) of the Philippines lands a punch on Brandon Rios of the U.S. during their World Boxing Organization (WBO) International 12-round welterweight boxing title fight at the Venetian Macao hotel in Macau November 24, 2013. Pacquiao registered a decisive, unanimous decision win against American Rios to clinch the vacant WBO International welterweight title on Sunday. (MNS photo) MANILA (Mabuhay) – House Games and Amusements Committee chairman Elpido Barzaga wants the next fight of Filipino boxing superstar and Sarangani Rep. Manny “Pacman” Pacquiao to be held in the Philippines, noting the benefits for the economy and tourism. “I wish the next fight (of Pacquiao) will be in the Philippines,” Barzaga said. “If a small country like Macau can host, why not the Philippines? We were able to sponsor the NBA games.” Pacquiao dominated Brandon “Bam Bam” Rios in a 12-round welterweight showdown in Macau on Sunday to stop a two-fight losing streak Barzaga said he intends to discuss the matter with Pacquiao once he returns. “It’s doable. We have big corporations,” he said. The congressman is also expecting a lot of speeches and resolutions honoring Pacquiao for his unanimous decision victory over Rios in Monday’s session. Marikina Rep. Miro Quimbo, who was not among those who watched the fight in Macau, said he does not expect any more congressional awards for Pacquiao since the boxer has already been given the highest awards in the past. Meanwhile, Monday’s briefing of Barzaga’s committee ended with a virtual solicitation from the congressman Read More …
Aug 072013
SINGAPORE (AFP) – Philippine boxing icon Manny Pacquiao said Friday that he can fight for another three years despite two successive losses, brushing aside calls for him to retire and focus on his political career. He told journalists at a promotional event in Singapore, for his November 24 bout in Macau with American Brandon Rios, […]
Jun 262013
MANILA, Philippines – The local unit of Macau-based casino giant Melco Crown Entertainment Ltd. is shoring up the capitalization of a subsidiary that holds a Philippine gaming license. In a regulatory filing, Melco Crown (Philippines) Resorts Corp. said its board of directors approved the purchase of 40 million common shares of MCE Holdings (Philippines) Corp. worth P9.5 billion. MCE Holdings is the parent firm of MCE Leisure (Philippines) Corp., a partner of SM Investments Corp., Belle Corp. and Premium Leisure Amusement Inc. in the gaming license at the 120-hectare Entertainment City. The companies hold a provisional license from the Philippine Amusement and Gaming Corp (Pagcor), allowing them to build an integrated casino and hotel. Fresh capital will allow MCE Holdings to bankroll the construction of the $1.3-billion Belle Grande casino project in the Pagcor complex. In April, Melco Philippines raised $377 million after selling 1.09 billion shares at P14 apiece, the high end of the P11-14 price range, to fund the casino’s construction. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Last week, Melco Philippines president and chairman Clarence Chung said the company is on track to starting commercial operations of Belle Grande Manila in the middle of 2014. The megacasino operator is banking on Chinese high rollers to prop up the country’s gaming revenues. Melco Philippines is the operator of the 950-room Belle Grande Manila casino and resort complex being built by Belle, the upscale leisure developer of mall and banking conglomerate SMIC. Belle Grande Manila will be Read More …
Jun 072013
SEAT ENTITLEMENTS between the Philippines and Macau have been raised with more flights to and from the Ninoy Aquino International Airport while the limit for other gateways has been lifted, an official said Thursday.
Apr 102013
MACAU, April 7, 2013 (AFP) – Philippines boxing hero Manny Pacquiao wants his next fight to be in Macau, according to his promoter Bob Arum, who says they are working on an autumn showdown in the casino enclave. Negotiations are ongoing for a September rematch with Juan Manuel Marquez, who knocked Pacquiao out in December, […]
Mar 132013
MANILA, Philippines – Allegations of practices that corrupted Philippine officials lack merit, Universal Entertainment Corp. (UEC) of Japanese gambling tycoon Kazuo Okada said. In a report to the Nevada Gaming Control Board (NGCB), UEC said the allegations were “generated for an ulterior purpose and motive.” The Freeh Report has accused Okada of “apparent” violation of the Foreign Corrupt Practices Act (FCPA). Specifically, the report accused Okada of violating “Philippine Constitutional provisions and statutes that require 60 percent land ownership by Philippine nationals; the possibility of making another similar payments to a Korean government official; alleged admissions regarding gift-giving; supposed failures to comply with various requests of Wynn Resorts Ltd.; and the payment of expenses for former Pagcor chairman Efraim Genuino’s trip to the 2008 Beijing Olympics.” UEC, in its nine-page information report to NGCB, stated: “The report was not used to provide guidance to licensees, but to justify the involuntary redemption and purported cancellation of Aruze USA Inc.’s 24.549 million shares of Wynn Resorts stock at a $1 billion discount and in the form of a subordinated note.” Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The move restored Steve Wynn as the largest shareholder of Wynn Resorts. On the payment and gift giving allegations regarding Pagcor officials, UEC said two of its employees responsible for allowing unauthorized charges were reprimanded and are no longer with UEC. Okada and former business partner Wynn are in a bitter corporate feud, which started when the Japanese pachinko businessman questioned the $135-million Read More …