US$10b for Casino Franchise in Philippines

Posted: August 10, 2010 in Uncategorized

Special commentary on gaming news

10 Aug 2010   Tue

A "game changer" of gaming markets in Asia

"Golden Franchise"

The Singapore Business Times reported that a Malaysian consortium led by tycoon Robert Kuok is in serious talk with San Miguel boss and Philippines government on the privatization/franchise arrangement of the country’s casino business. If the deal (estimated at a price of USD10b or more) goes through, it will be a game changer for this part of the gaming market with far-reaching impact in future.  With privately managed casino franchise to take place in Philippines, it liberalize this part of gaming market and it will, bring about some fundamental changes to the Philippines casino landscape.  New sources of casino players visitation will then be viable for its highly domesticated casino scene.   

…  (MANILA) Philippine President Benigno Aquino said yesterday his government would study a US$10 billion offer from a local tycoon to take over the government’s monopoly casino franchise with Malaysian help.

Ramon Ang, vice-chairman of food and beverage giant San Miguel, made the stunning offer unofficially in an interview with the mass circulation Philippine Daily Inquirer, which carried his comments on its front page.

‘It is a proposal, it is a very interesting proposal. But at the same time we have to study the matter first,’ Mr Aquino told reporters…

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One point to note however, Genting Group apparently is not in the deal. It is envisaged as well as a sign of Genting is being further sidelined in important Asian markets if they miss out this golden deal. There’s talks about going for the Japan casino market by Genting that investment analysts were told recently, we assess that such speculation and chances are like taking a long shot to the Moon.
 

 

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