MACAU BUSINESS By Nelson Moura in Manila By Paolo A. Azevedo
Jeju – the new Singapore
Southeast Asian upswing M T
he 6th ASEAN Gaming Summit, a three-day event organised by gaming news publication, Asia Gaming Brief, was held between March 19 and 21 at The Shangri-La The Fort Manila.
18 OCTOBER 2017
A turnout of almost 1,600 participants was reported, with most attendees -apart from local participants - flying over from Macau, Armenia, Australia, Hong Kong, Malaysia, Cambodia, India, Germany, the UK, Indonesia, Japan, Korea, Vietnam, and Singapore. On the opening day of the event, the Chairman and CEO of Alejandro H. Tengco, Chairman and CEO of Philippine Amusement and Gaming Corporation (PAGCOR), the
30 MAY 2024
acau Business – From Lotte World, a major recreational complex [with the world’s largest indoor theme park, in Seoul] to an integrated resort with casino in Jeju. A different beast. A
natural evolution? Lawrence Teo – Business is the same. But building
The present and future of Asian gaming took centre stage at the ASEAN Gaming Summit, with key players from around the region weighing in on online and land-based gaming business streams.
a landmark. M. B. – The group [Lotte] has created other landmarks in different types of business. Why would this be different? L. T. – Yes, Lotte Group has already created
downtown Seoul and Lotte Super Tower. We’re trying
country’s gaming operator/regulator, set the tone for the event on the first day, boasting that the Philippines will become the second largest gaming market in the Asia-Pacific sphere in the near and middle term, only surpassed by Macau. Macau gross gaming revenue reached MOP180 billion (US$22.3 billion) in 2023, with Tengco estimating that Singapore’s annual GGR was roughly US$6 billion, an amount he believes the Philippines can surpass.
The Philippines ended last year with a record of approximately US$5.1 billion, representing an 11 percent increase from the previous year and surpassing pre-pandemic figures. “We expect gaming revenue to sustain
growth both this year and beyond, driven by increased entertainment options for both local and foreign tourists. Revenue from our licenced casinos in Entertainment City, Clark, Metro Manila, Cebu, and Fiesta casinos in Rizon is projected to contribute PHP257 billion (US$4.6 billion) to our GGR in 2024,” noted Tengco. “Meanwhile, e-casinos, e-bingo, and sports betting together are expected to contribute PHP61.7 billion pesos (US$1.1 billion) to the 2024 GGR, making it the fastest-growing sector in recent years.”
One obstacle the country is facing is its inclusion on the grey list of the global anti-dirty money watchdog Financial Action Task Force
Jeju will be as big as Singapore in terms of Gross Gaming Revenue, predicts Lawrence Teo. The Chief Operations Officer and Vice President of Dream Tower, the tallest Integrated Resort under construction on the Korean destination island, explains to Macau Business why Lotte Tour decided to enter the casino business and create a landmark. All bets are on making the casino resort the crown of the tourism jewel the company has been dominating for four decades
to do the Dream Tower in Jeju. Lotte here is being just a family company; we’re a different company [Lotte Tour]. It’s not going to be [just] the tallest and the largest building in Jeju, that’s just the hardware. We say that a landmark should be the most visited destination, where tourists will go to eat, shop and maybe [visit] our observation deck. A must-visit point destination. Because of the hardware, and also the software.
M. B. – What are the main goals that you definitely
want to achieve with this Integrated Resort (IR)? L. T. – Number one EBIDTA on IR in Korea. There’s
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