• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Monday 1 September 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
  • 日本語
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
  • 日本語
No Result
View All Result
IAG
No Result
View All Result

Megaworld insists POGO exposure “small and manageable” as license moratorium sees share price tumble

Newsdesk by Newsdesk
Sun 25 Aug 2019 at 10:08
Philippines power giant reveals plan to develop new Metro Manila IR

Manila, Philippines

49
SHARES
1k
VIEWS
Print Friendly, PDF & Email

Philippines office leasing giant Megaworld is adamant that a Chinese crackdown on the country’s Philippine Offshore Gaming Operators (POGOs) won’t hurt its bottom line, even if the market thinks otherwise.

According to Bloomberg, Megaworld shares have fallen 22% so far in August, wiping off almost Php43 billion (US$822 million) in market value due to concerns over the impact the crackdown might have on residential sales and office rentals.

“While we are the biggest lessor of office spaces in the Philippines, the (online casino) issue won’t affect both our office and residential businesses because our exposure remains small and manageable,” the company’s Chief Strategy Officer, Andrew Tan, told Bloomberg.

Philippines gaming regulator PAGCOR announced last week that it had placed a moratorium on accepting new POGO license applications while it addresses a variety of concerns over the scheme. It is believed those concerns relate to an earlier statement released by the Chinese Embassy in the Philippines regarding the proposed transfer of Chinese workers employed by POGOs to self-contained hubs and warning against the illegal inducement of Chinese citizens to gamble either online or in Philippines land-based casinos.

There are an estimated 135,000 Chinese workers currently employed in the Philippines by 58 license POGOs.

As reported by IAG, POGOs were recently credited with driving a 27% increase in office rentals in Metro Manila in the three months to 31 March 2019 with Megaworld one of the major beneficiaries.

Online casino operators now account for 12% of the Megaworld’s total rental gross leasable area and will contribute 8% of total leasing income and EBITDA in 2020, up from 7% of leasable area and 5% of rental income in 2018. However, Tan said such growth was incidental to the company’s broader interests.

“We are quite comfortable with this exposure and we don’t see ourselves increasing the percentage contribution of POGO to our business in the next two years,” he said.

RelatedPosts

Survey finds Thai locals mostly worried that legal casinos will increase problem gambling, crime and conflict

Chinese visitation, air capacity to Thailand are continuing to fall in 3Q25

Mon 1 Sep 2025 at 13:52
SunTrust becomes listed tourism business as Suncity releases first renderings of Manila hotel and casino project

Suntrust confirms “strategic working agreement” with Travellers entities to cede construction, operational control of Manila casino project

Mon 1 Sep 2025 at 13:08
Tecnet Asia aids Asian debut of APEX Gaming’s Clover Link at Solaire Resort Entertainment City

Tecnet Asia aids Asian debut of APEX Gaming’s Clover Link at Solaire Resort Entertainment City

Thu 28 Aug 2025 at 13:15
Winds of change

IAG announces program for 2025 IAG Academy Summit on 9 and 10 September at Manila Marriott, Newport World Resorts

Thu 28 Aug 2025 at 13:01
Load More
Tags: Andrew TanChinaManilaMegaworldPhilippine Offshore Gaming OperatorsPhilippines
Share24Share3
Newsdesk

Newsdesk

The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

Current Issue

Editorial – Flipping the script

Editorial – Flipping the script

by Ben Blaschke
Thu 28 Aug 2025 at 12:30

This month represents an important milestone for Inside Asian Gaming as we launch IAG EXPO – an expansion of the...

Asia market roundup

Asia market roundup

by Ben Blaschke
Thu 28 Aug 2025 at 12:26

Inside Asian Gaming takes a deep dive into the state of Asia-Pacific’s key gaming markets: who’s hot, who’s not and...

Rewriting the rules

Rewriting the rules

by Newsdesk
Thu 28 Aug 2025 at 11:43

IAG EXPO, taking place at Newport World Resorts from 8 to 10 September, is not your usual trade show. IAG...

Test of character

Test of character

by Newsdesk
Thu 28 Aug 2025 at 11:28

Since its establishment in 1989, Gaming Laboratories International (GLI) has developed into the world’s most trusted name when it comes...

Evolution Asia
Your browser does not support HTML5 video.
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
HKUST
NWR

Related Posts

Survey finds Thai locals mostly worried that legal casinos will increase problem gambling, crime and conflict

Chinese visitation, air capacity to Thailand are continuing to fall in 3Q25

by Newsdesk
Mon 1 Sep 2025 at 13:52

The number of Chinese tourist arrivals to Thailand continues to fall, with airlines increasingly slashing flights and visitation through August falling below already subdued forecasts, according to research from Maybank Securities. Just days after Thailand’s Constitutional Court ousted Prime Minister...

SunTrust becomes listed tourism business as Suncity releases first renderings of Manila hotel and casino project

Suntrust confirms “strategic working agreement” with Travellers entities to cede construction, operational control of Manila casino project

by Ben Blaschke
Mon 1 Sep 2025 at 13:08

Philippines-listed Suntrust Resort Holdings has publicly confirmed that it is pursuing a “strategic working agreement” with Newport World Resorts operator Travellers International Hotel Group Inc (TIHGI) and associated companies aimed at expediting the completion of Suntrust’s US$1.25 billion LETX hotel...

Auto Draft

Macau sets another post-pandemic record in August as GGR hits MOP$22.2 billion

by Ben Blaschke
Mon 1 Sep 2025 at 12:51

Macau has continued its recent revenue momentum, with the Gaming Inspection and Coordination Bureau (DICJ) reporting Monday that gross gaming revenues for the month of August reached MOP$22.16 billion (US$2.76 billion). This means August set yet another post-pandemic GGR record,...

Seaport: Proliferation of smart tables has driven Macau’s casinos to rekindle third-party agent model

Seaport: Proliferation of smart tables has driven Macau’s casinos to rekindle third-party agent model

by Ben Blaschke
Mon 1 Sep 2025 at 11:26

The use of agents to bring players into Macau’s casinos is on the rise again, with the recent deployment of smart table technology across gaming floors allowing for greater transparency around who these agents are bringing to the table. Seaport...

Your browser does not support the video tag.


IAG

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE
  • 中文
  • 日本語

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • 中文
  • 日本語
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • 中文
  • English
  • 日本語