The Philippines Wants To Become The Next Asian Gambling Hub
Event
On March 16th Bloomberry Resorts' Solaire Manila, the first of four giant casino resorts that are to be opened the next four years, started trading in the capital.
Analysis
The resort lies at the heart of the Philippine government's ambitious plan to make Manila a major gaming hub in Asia, alongside Singapore and Macau.
The government wants to create a Las Vegas-style strip consisting of four casino resorts, Entertainment City, as a key element of its plans to develop tourism as a major industry. It is hoped that an increase in tourism will create jobs and boost incomes, especially in remote areas far from large cities. The government wants to raise tourist arrivals to 10m a year by 2016, from 4.3m in 2012.
The new casino's opening underscores the pragmatism of the president, Benigno Aquino, who allowed the project to go ahead after a brief review, despite the alleged murky circumstances surrounding the selection of the four investor groups that have been granted exclusive licences to build the casino resorts. The licences were awarded not through competitive tender but rather via negotiation, during the term of Mr Aquino's predecessor, Gloria Macapagal Arroyo. Speculation was rife at the time that some of the recipients of licences were her close allies.
Despite this, Mr Aquino has allowed the project to proceed. Currently, the government runs most of the country's
Some industry analysts believe that in the next four years the
Click here to subscribe to
- Tesla tells some laid-off employees their separation agreements are canceled and new ones are on the way
- Taylor Swift's 'The Tortured Poets Department' is the messiest, horniest, and funniest album she's ever made
- One of the world's only 5-star airlines seems to be considering asking business-class passengers to bring their own cutlery
- The Future of Gaming Technology
- Stock markets stage strong rebound after 4 days of slump; Sensex rallies 599 pts
- Sustainable Transportation Alternatives
- 10 Foods you should avoid eating when in stress
- 8 Lesser-known places to visit near Nainital