Francis Tam said he was not worried about competition
The Secretary for Economy and Finance Francis Tam said he was not worried about competition posed by the new casino-resorts overseas including the recent one in the Philippines, because he believed the real competition is in “leisure travel”, and he’s confident that Macau will not lag behind other competitors in this area. As an example, he pointed out that up to 2 of the 6 gaming operators have already seen their mass-market revenues reach the same level as, or even surpass that of the VIP market.
The 2 of the 6 gaming operators would be
LVS/ Mpel or Galaxy?
I think about 1% of Macau visitors are from the Philippines, so I would suspect that clientele is essentially lost.
That said, I can't imagine many Chinese VIPs would travel to the Philippines to gamble given the proximity of Macau and Singapore. Other Asian's my very well travel to the Philippines as its a beautiful country with a rich cultural history, but to travel from anywhere in Asia to the Philippines to gamble?
I guess I have to agree with Tam and I'm surprised were not down substantially as surly there must be a Compass Point/Cortes type rumor that the new casino in the Philippines means the end of Macau as a gambling destination next Tuesday.