In the Philippines, an investigation from financial services firm Morgan Stanley has reportedly revealed that junket operator Suncity Group is set to start offering its services inside the giant Okada Manila integrated casino resort during the upcoming fourth quarter.
According to a report from GGRAsia, the disclosure was made by Morgan Stanley analysts Alex Poon and Praveen Choudhary on Sunday as part of their latest examination of the Philippines gaming market.
Macau-based Suncity Group already provides junket services in the Philippines including to the City of Dreams Manila and the Solaire Resort and Casino properties and announced in late-July that it would be acquiring a significant stake in an under-construction casino resort in Vietnam.
The report from Morgan Stanley reportedly explained that Okada Manila, which is operated by Universal Entertainment Corporation subsidiary Tiger Resort, Leisure and Entertainment Incorporated, premiered its first junket operation earlier this quarter and that the move, along with the opening of a mass-market gaming floor featuring some 2,500 slots as well as 250 gaming tables, had helped the property in “gaining momentum”.
“More are to join in the fourth quarter of 2017 including Suncity [Group],” reportedly read the Morgan Stanley report. “Hotel rooms remain a constraint with only approximately 120 operational and 90% of these are comped versus 50% for the City of Dreams Manila and the Solaire [Resort and Casino] but more rooms will progressively open and [the tally will] reach 493 in the first quarter of 2018.”
The Morgan Stanley analysis reportedly explained that Okada Manila and its adjacent rivals in the Entertainment City district of Manila were set to further benefit from the recent warming of diplomatic relations between the Philippines and China along with a growing contribution from local players.
“Chinese visitor arrivals grew by 33% year-on-year in first half 2017,” reportedly read the Morgan Stanley report. “On August 17, the Philippines government granted visas on arrival to Chinese visitors and we think this will eventually extend to all Chinese visitors. We saw higher foot traffic in Entertainment City compared to our last visits in February and March.”