Philippines’ gross gaming revenue in July has continued to improve, with the strong trend appearing sustainable until year end, said Maybank in a note on Tuesday.
According to the brokerage, gross gaming revenue for Entertainment City casinos, including Resorts World, Solaire and City of Dreams Manila grew at 38 percent year-on-year in 16Q2, ahead of a 2 percent forecast for 2016 fiscal year end.
“We think their strength emanated from the availability of phone betting to foreign players, unlike in Macau,” said the brokerage, adding that Bloomberry was their top pick.
“We are seeing continuous improvements in GGR for Entertainment City casinos, up 24.5 percent year-on-year in July, mainly from the inclusion of Melco Crown Philippines. This is now fully operational, unlike last year,” added Maybank’s analysts.
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