Gambling In The Philippines

Gambling In The Philippines

Gambling is becoming an increasingly important part of life in the Philippines. Manila is determined to bring gambling to the Philippines as much as it is in both Las Vegas and Macau. In 2015 in Manila Bay, the City of Dreams Casino opened its doors. The casino was opened in an attempt to persuade Asian tourists to visit.

The City of Dreams Casino was opened thanks to the hard work of James Packer, a billionaire, Lawrence Ho and Henry Sy, who is the richest man in Philippines. According to Ho the economy in the Philippines is growing rapidly and the casino is expected to further that growth even more.

Four major casinos have been opened in Manila Bay, with City of Dreams Casino having been the second one. Prior to the opening of City of Dreams, Manila’s most luxurious casinos were Solaire Resort & Casino, worth $1.2 billion. All in all, by 2013 over a dozen casinos had been opened throughout the Philippines. However, the crown jewel of Philippines casinos is Solaire because it serves as stiff competition for the casinos located in Macau and Singapore, the two leading cities in Asia when it comes to gambling. Solaire has also proved to be competition for Resorts World, a Manila casino that is popular among the country’s high rollers. The Macau Daily Times reported in 2013 that it was likely that Solaire would be able to steal roughly 30% of Resorts World business.

Due to the opening of so many casinos in the Philippines it is now attracting foreign investors. With the opening of the three biggest casinos in the Philippines, a total of $3 billion was invested as a result. These casinos closely resemble the size of an average casino in Las Vegas.

Thanks to these high -end casinos, many high rollers have come from China’s mainland in order to gamble in the Philippines. This led to gambling revenue of almost $3 billion for the country in 2015. In comparison, in the same year Singapore had a $5 billion gambling revenue while Macua had a $30 billion gambling revenue.

However, there has been controversy surrounding casinos in the Philippines due to the fact that over $80 million of the budget for Bangladesh disappeared upon being transferred away from the account it had been in. The money was allegedly put into the account of Solaire to be given to high rollers to gamble with. Local casino operators were then required to testify in front of the Senate regarding this matter. A casino official stated that when money is sent to any casino in the Philippines it quickly disappears.

Despite the money problems it has caused one of the reasons that so many casinos have been opened in the Philippines is that there is only a 15% tax imposed on operators, as opposed to in Macau, where a 40% tax is imposed on them. It has also greatly helped to increase tourism to the Philippines, especially international tourists.

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