The Filipino casino market is on track to be monopolized with Enrique Razon, the billionaire behind Bloomberry Resorts Corporation, announcing that his firm wants to purchase some of the 46 locally owned casinos. The current Philippine gambling market is regulated by the Philippine Amusement and Gaming Corporation (PAGCOR). Such a move would take approval from the Philippine government, but Razon is confident that the sales will go through and is even interested in future sales.
As the third-richest person in the country with $4.4 billion and a controlling 65% share of Bloomberry Resorts Corporation, Razon has the clout to pull off such a deal. Even after selling off 3% of his share in the casino operator, Razon has enough influence to coordinate something of this magnitude. The company is listed in Manila and already owns the Solaire Resort and Casino, a billion-dollar gambling establishment, along with another venue in South Korea. Razon stated that his company wants to open gambling destinations that cater to locals as well, not just the booming tourism economy. He is eyeing Quezon City as the first spot for development on a locally catered casino.
With the federal government wishing to privatize casino assets held by PAGCOR, it is currently a buyer’s market with a significant profit pool up for grabs. Reports show that gambling revenue is up in 2017, cementing the Philippines as one of the fastest growing Asian gambling markets behind Macau and Singapore. Local government has plans to build an ‘Entertainment City,’ which will emulate Las Vegas and other world-renowned gambling epicenters.
These proposed gambling services are land-based. For players looking for legal online gambling in the Philippines, look to licensed offshore operators. These online casino brands provide favorites like slots, table games, specialty games and more. Specifically, players can find legal online baccarat, blackjack, live dealer games, pai gow, roulette and slots. Razon has stated he is not worried too much about outside competition, as the land-based venues are drawing plenty of gamblers. However, these Philippine-friendly online casinos provide a more accessible means to gamble. They also come with the benefits of online convenience, free play for sampling games and strategies and bonus incentives that reward players with free money. Philippine gambling laws permit offshore casino sites to accept local players as long as they are legally licensed and regulated. For residents without access to a brick-and-mortar gambling establishment, these venues allow them to get in on the online gambling action.
As the Philippine gambling industry looks set to expand, these online formats also provide an outlet for legal and safe gambling in the meantime. The combination of PAGCOR selling off its assets and billion-dollar companies like Bloomberry Resorts Corporation looming will lead to a lot more development. This will translate to high-quality gambling opportunities for residents and tourists. The Philippines looks to be on course regarding becoming a premier international gambling country.