Genting HK

Genting HK: Channel News Asia notes more and more private investor attention is focusing on the Philippines, as the country aims to become the region's premier gaming hub. Notes, with the success of Resorts World Manila (RWM), Travellers International (50% owned by Genting HK) is now embarking on a bigger and grander integrated resort complex development, investing US$550 m into the project. It is expected to be completed by 2016. At 31 ha, Resorts World Bayshore (RWB) will comprise about a quarter of the 120-ha Entertainment City site, an attraction that the govt hopes will be the Philippines' answer to the Las Vegas strip. Mr Kingson Sian, President of Resorts World Manila, said: "Our first year will probably have 2m visits, not visitors, visits, some of them multiple visits. The following year we had 4m, this year we'll probably hit around 7m visits, so its been growing quite nicely." Proponents of Resorts World believe that with the Philippine govt's support, more and more investors will be tempted to place bet and take a stake in the country's gaming industry. Last year, Resorts World reported a net income of ~ US$98 m, +50% yoy. CNA observes, fun or not, investors like to play the odds when the risk is low and the returns are high. And with observers predicting the Philippines gaming industry will grow to some US$10 b by 2016, says, the odds do seem rather favourable.