{"id":57076,"date":"2017-08-19T14:00:20","date_gmt":"2017-08-19T21:00:20","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=57076"},"modified":"2017-08-19T07:49:32","modified_gmt":"2017-08-19T14:49:32","slug":"philippine-casino-market-will-not-suffer-cannibalization-says-analyst","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/philippine-casino-market-will-not-suffer-cannibalization-says-analyst\/","title":{"rendered":"Philippine Casino Market Will Not Suffer Cannibalization, Says Analyst"},"content":{"rendered":"<p><a href=\"https:\/\/www.casino.org\/news\/philippines-casino-entry-fee-for-deterring-attackers-could-deter-play\">The Philippine casino market<\/a> is a long way off saturation, according to Morgan Stanley, and the Okada Manila\u2019s entrance to the sector will not give rise to any market cannibalisation. In short, there\u2019s plenty of room for everyone.<\/p>\n<figure id=\"attachment_57077\" aria-describedby=\"caption-attachment-57077\" data-style=\"width: 600px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-57077\" src=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/08\/585ccdc59f4249.40193272.jpg\" alt=\"No cannibalization of Philippine casino market, say Morgan Stanley\" width=\"600\" height=\"400\" srcset=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/08\/585ccdc59f4249.40193272.jpg 600w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/08\/585ccdc59f4249.40193272-142x95.jpg 142w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/08\/585ccdc59f4249.40193272-166x110.jpg 166w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/08\/585ccdc59f4249.40193272-450x300.jpg 450w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><figcaption  id=\"caption-attachment-57077\"class=\"text-description\">The Okada Manila opened its doors in December last year, but the market will not suffer because demand currently outstrips supply, according to investment bank Morgan Stanley. (Image: Okada Manila)<\/figcaption><\/figure>\n<p>The sector is benefitting from a Chinese tourist boom, largely driven by recently improved relations between China and the Philippines, and the market is currently the fastest-growing in Asia.<\/p>\n<p>The Okada Manila opened its doors for a soft launch in December last year without any gaming or hotel accommodation and only began offering VIP junket gambling in Q3 of 2017.<\/p>\n<p>Meanwhile, ongoing construction work affecting mass market operations means that gaming will not be offered in full capacity until Q1 of 2018, Morgan Stanley said. But when it kicks into full swing, the investment bank expects the Okada to become market-leader.<\/p>\n<h2><strong>Okada to Assume Market Lead<\/strong><\/h2>\n<p>Analysts Alex Poon and Praveen Choudhary wrote that they expect $1.2 billion in gross gaming revenue to be added to the market, with the resort capturing a 32 percent market share. Bloomberry Resorts\u2019 Solaire will hold a 30 percent share, while Melco\u2019s the City of Dreams Manila will have 25 percent, the analysts estimated.<\/p>\n<p>\u201cJunkets operation started in the third quarter and more will begin over the next few months. About 100 hotel rooms and five to six restaurants were opened on March 31\u2026 500 rooms and 15 to 20 restaurants [are expected] by first quarter 2018. The property is allowed to open up to 500 tables and 3,000 slot machines for 993 hotel rooms planned,\u201d said the analysts.<\/p>\n<blockquote class=\"main-blockquote\"><p><strong>\u201cWe are not concerned about cannibalisation, which is not visible in the second quarter. Strong tourist arrivals and the NAIA Expressway have brought in more Chinese and Filipino mass customers from cities outside of Manila respectively,\u201d they added.<\/strong><\/p><\/blockquote>\n<h2><strong>Westside City Resorts World \u201cOn Track\u201d <\/strong><\/h2>\n<p>Meanwhile, Malaysian casino giant Genting announced at an earning call this week that it was \u201con schedule\u201d to open another resort in Manila in 2020, even though its actually two years behind schedule.<\/p>\n<p>The group, which already owns a large chunk of <a href=\"https:\/\/www.casino.org\/news\/resorts-world-manila-cleared-for-reopening-pagcor\">Resorts World Manila<\/a> through its stake in Travellers International, is currently developing the Westside City Resorts World, another Travellers resort, in Manila\u2019s Entertainment City.<\/p>\n<p>The 76.6 acre property is expected to have at least 1,500 hotel rooms. Travellers, which is a joint venture between Genting and Andrew Tan\u2019s Alliance Global Group, broke ground on the project in 2014 and initially planned to open it in 2018.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Philippine casino market is a long way off saturation, according to Morgan Stanley, and the Okada Manila\u2019s entrance to the sector will not give rise to any market cannibalisation. In short, there\u2019s plenty of room for everyone. The sector is benefitting from a Chinese tourist boom, largely driven by recently improved relations between China [&hellip;]<\/p>\n","protected":false},"author":42,"featured_media":57077,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10,18],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Philippine Casino Market Will Not Suffer Cannibalization, Says Analyst<\/title>\n<meta name=\"description\" content=\"Philippine casino market can hold many more operators and Okada Manila is destined to be the market leader, says Morgan Stanley.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Philippine Casino Market Will Not Suffer Cannibalization, Says Analyst\" \/>\n<meta property=\"og:description\" content=\"Philippine casino market can hold many more operators and Okada Manila is destined to be the market leader, says Morgan Stanley.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/philippine-casino-market-will-not-suffer-cannibalization-says-analyst\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2017-08-19T21:00:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2017-08-19T14:49:32+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/08\/585ccdc59f4249.40193272.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"600\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Casino.org Staff Writer\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Casino.org Staff Writer\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/philippine-casino-market-will-not-suffer-cannibalization-says-analyst\/\",\"url\":\"https:\/\/www.casino.org\/news\/philippine-casino-market-will-not-suffer-cannibalization-says-analyst\/\",\"name\":\"Philippine Casino Market Will Not Suffer Cannibalization, Says Analyst\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/philippine-casino-market-will-not-suffer-cannibalization-says-analyst\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/philippine-casino-market-will-not-suffer-cannibalization-says-analyst\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/08\/585ccdc59f4249.40193272.jpg\",\"datePublished\":\"2017-08-19T21:00:20+00:00\",\"dateModified\":\"2017-08-19T14:49:32+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/8c48bf89dc86da77b4d856c7b3b78d77\"},\"description\":\"Philippine casino market can hold many more operators and Okada Manila is destined to be the market leader, says Morgan Stanley.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/philippine-casino-market-will-not-suffer-cannibalization-says-analyst\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/philippine-casino-market-will-not-suffer-cannibalization-says-analyst\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/philippine-casino-market-will-not-suffer-cannibalization-says-analyst\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/08\/585ccdc59f4249.40193272.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/08\/585ccdc59f4249.40193272.jpg\",\"width\":600,\"height\":400,\"caption\":\"The Okada Manila opened its doors in December last year, but the market will not suffer because demand currently outstrips supply, according to investment bank Morgan Stanley. 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