Manny Villar forays into casino
Bilyonaryo Manuel Villar plans to convert a 1,000 hectare property in Dasmarinas, Cavite into a gaming and hotel facility, a move that will see his entry into the booming casino sector.
According to media reports quoting Philippine Amusement and Gaming Corp. chairman Andrea Domingo, Villar applied for a casino license prior to President Duterte’s declaration of a moratorium on new gaming licensea amid overaupply concerns.
The proposed casino project is in line with Vista Land’s goal to become a major integrated mixed-used player by 2020. Y
“You will see a different Vista Land going forward,? Villar told reporters in a briefing last month.
“We are now the biggest property developer outside Metro Manila, so it benefits us that government policy is moving toward the countryside,? he added.
The local casino market continues to show strength, thanks to improving relations between China and the Philippines.
Chinese arrivals surged 37.65 percent to 675,663 last year following President Duterte?s state visit to China in 2016 and the lifting of Beijing?s travel restriction against the Philippines.
Upbeat about the Philippine gaming industry’s prospects, foreign brokerage Morgan Stanley sees gross gaming revenues expwnd by 32 percent this year.
According to Morgan Stanley, VIP revenues reached $1 billion in 2017.