The Philippine casino market has significant room for growth and the Okada Manila’s recent entrance to the gambling sector will not give rise to any market cannibalization, according to a new report from the investment banking firm Morgan Stanley cited by GamingToday.
The Okada Manila opened its doors in December of last year. The local gambling sector is now benefitting from a Chinese tourist boom that is largely being pushed by recently improved relations between China and the Philippines.
According to Morgan Stanley, when ongoing construction at Okada is completed, they predict it to become the market-leader. The 76.6-acre property is expected to have more than 1,500 hotel rooms.
Tiger Resort Leisure and Entertainment controlled by Japanese businessman Kazuo Okada, operates the complex. The casino/resort is seeking to compete with casinos in Macau and to thrust Metro Manila into the forefront as a regional and international destination.
The Philippine gambling market is currently said to be “the fastest growing in Asia.”