.png)
.png)
Alejandro H. Tengco, Chairman of the Philippine Amusement and Gaming Corporation (PAGCOR), has stated that the current number of integrated resorts (IRs) in Manila is sufficient. However, he also noted that future expansions could take place in other regions such as Clark and Mactan to meet the growing demand.
In an interview, Tengco mentioned that Metro Manila could accommodate one more IR, referencing the new LET Group project, Westside City, which is being developed across from Solaire. He also highlighted an upcoming integrated resort south of Metro Manila that received a license before his tenure.
This project, located in Las Piñas Villar City, is reportedly aimed at the Korean market. Tengco stated, "I should say that should be enough, for now. Especially we’re seeing the numbers of land-based operations to have not only plateaued but dipped a little." This comment referred to the second-quarter decline in Gross Gaming Revenue (GGR), which is expected to contrast with the record-breaking first-quarter earnings.
Opportunities Outside Metro Manila
Regarding expansion opportunities outside Metro Manila, Tengco highlighted Clark's "good potential." He also mentioned Subic Bay, stating, "I just talked to a big investor in Subic a while ago, and they’re now talking to possible investors for land-based operations in the hotel that they just acquired from the Subic Bay Metropolitan Authority."
Further south, Tengco discussed the situation at Emerald Bay, which has faced recent challenges. Despite considering the project "failed," he expressed optimism that a new investor could revive it. He emphasized the area's advantages, particularly its appeal to the Japanese and Korean markets, and added, "Aside from Emerald Bay, you still have room for one."
Tengco also pointed out potential expansion in Davao, noting, "There is a proponent who is looking at the possibility of expanding in Davao, but I have not received the proposal they might make. So that should be delivered."
Privatization and Local Market Expansion
Tengco highlighted that the privatization of Casino Filipino properties will add nearly 40 new properties, including city casinos, municipal casinos, and provincial casinos catering to the local market. He emphasized that this expansion could significantly boost the local gaming industry.
As PAGCOR explores these opportunities, Tengco's insights underscore the potential for growth and diversification in the Philippines' gaming sector, particularly outside the saturated Metro Manila area.
By fLEXI tEAM