New Philippines Casino Resort announced for Cebu
An expected project has been given the green light by Philippine Gaming Regulator PACGOR. A new $500 million Philippines casino resort is to be built on the island of Cebu.
The location was selected with tourism in mind. The Philippines are hoping to attract wealthy Chinese tourists to generate gambling and tourism and revenue. It will be the first casino resort outside of the capital Manilla. The Chinese crackdown on corruption scared many of the wealthy visitors away from Macau but it is recovering now.
Cebu is the second largest developed area in the Philippines and being a tourist area the development is expected to be very welcome. There are already three integrated gaming resorts in the capital city so this will be seen as an expansion of facilities.
Cebu is not the only island to be developed for casinos. The is a $2.4 million dollar resort being constructed in Manilla. The developer, Japanese gambling tycoon Kazuo Okada said in Manila on Wednesday he hoped to make the Philippines “the next Hawaii”
It seems that the race is really on for a Philippines casino resort. However, the far east is also getting developed with other super casinos. Japan recently announced it is likely to spend $10 billion on holiday casino resorts. They also cite the Chinese gambling market.
The Far Eastern Gambling Market
It seems to me that these far eastern gambling markets are awash with investors. Macau has probably been the best gambling success story so far, it is generating huge gambling revenues. However, in the future, the competition of this market could be its downfall. I would be worrying that the Chinese government might introduce further currency restrictions which could stifle the market.
Most of the money invested in gambling resorts is invested by investors of previous resorts. The big names are regularly in the news for example, Melco, Wynn, The Sands and others. Surely it must be fiercely competitive when the countries themselves are competing for the same business. It could be a case of where the Chinese go next, rather than why.
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