THE DEVELOPMENT of integrated casino-resorts south of Manila is helping increase demand for leisure in Asia and the Pacific as well as transform the local industry, according to a global real estate consultancy.
In a report posted online on Monday, Jones Lang LaSalle (JLL) cited the ongoing development of the Entertainment City envisioned as Asia’s Las Vegas-like entertainment complex.
“The continuing development of the integrated casino resorts in Manila Bay and the Pasay area are attracting a new source of regional leisure demand and helping to transform the local tourism industry,” read JLL’s “Hotel Destinations Asia Pacific” report.
Entertainment City spans 44 hectares along the Manila Bay. The property is owned by the Philippine Amusement and Gaming Corporation, a state corporation concurrently mandated to regulate the county’s gaming industry.
Two casinos currently operate within the Entertainment City, namely City of Dreams Manila by Melco Crown Philippines (Resorts) Corp. and Solaire Resort & Casino by Bloomberry Corp.
“The integrated gambling and entertainment strip known as Entertainment City continues to take shape, showcasing a diverse range of world-class facilities, integrated resorts, hotels, theaters, celebrity-chef-themed restaurants, shopping malls an convention halls,” JLL noted.
Next to open within the Entertainment City is the 44-hectare Okada Manila by Tiger Resorts, Leisure and Entertainment, Inc. of Japanese billionaire Kazuo Okada. The casino and hotel under the first phase will open on Dec. 21.
Alliance Global Group, Inc. (AGI), meanwhile, continues to work together with Malaysia’s Genting Group on the blueprint of its integrated casino-resort in the Entertainment City. It looks to finalize the master plan by June next year.
Aside from the ongoing development of integrated resorts and casinos, JLL said the hotel and tourism sector could benefit from the “attractiveness” of Manila to both corporate and leisure markets along with the government’s “proactive marketing” of the Philippines.
“In the heart of an archipelago of over 7,000 islands, the bustling city of Manila has emerged as a rising economic powerhouse, a growing destination for multinational corporations and a developing hospitality market,” JLL noted.
“The Philippines’ economy is the fifth largest in Southeast Asia and has remained relatively resilient to global economic shocks, with gross domestic product growth of 5.8% year on year in 2015,” it added.
Supply in Manila is expected to “significantly” expand, according to JLL, with about 7,700 hotel rooms in the pipeline due to become operational by 2020.
“Bulk of this new supply is planned for the Manila Bay area where several integrated resorts are being developed and the existing resorts expanded to attract more guests,” the real estate consultancy noted.
Among the upcoming hotels are Grand Hyatt Manila, Citadines Millennium Ortigas, Movenpick Hotel Makati, Marriott Hotel West Wing and Sheraton Hotel Manila.
JLL cited Shangri-La at the Fort Manila (576 rooms), Hotel 101-Manila (518 rooms), Novotel Araneta (401 rooms) and Conrad Manila (347 rooms) among the new notable hotels to open in the National Capital Region.