SJM Holdings CEO Ambrose So has called on the government to extend the gaming concessions, which are due to expire next June, by at least one year.
So said the extension would give the economy time to stabilize following the pandemic and would give the government more time to collect data and formalize the requirements for the tender process.
Although the concessions are set to expire in one year, the government has not yet established formal guidelines for the re-tender process, nor has it specified what new conditions may be imposed on the operators.
For this edition of our magazine, we focus on Southeast Asia, with a particular look at the Philippines. The country’s casino industry has been among the hardest hit in Asia, with the integrated resorts in Manila’s Entertainment City having remained mostly closed to the general public since the beginning of the crisis last year.
The world is bouncing back, or at least coming to grips with the fact that going forward not much will be the same as before. Commendably, this industry quickly understood the need to adapt to a new normal, and that the days of targeting the low hanging fruit of the VIP sector are gone.