[营销星球]瑞信-菲律宾博彩业：亚洲赌场领域的崛起之虎-2019.11.4-69页

PhilippineGamingSectorRisingtigerintheAsiancasinospaceCasinos&Gaming|InitiationFigure1:WeexpectthePhilippinestohaveASEANslargestcasinoindustryby2021Source:Companydata,CreditSuisseestimates■Thegrowthstorycontinues.WeexpectthePhilippineGamingindustrytobreachtheUS$4bnGGRmarkin2019andbecomethelargestcasinoindustryinASEANby2021.Weseegreatpotentialforgrowthas:(1)foreignersonlycomprise~20%ofMassGGR,and(2)table&slotyieldsareonly~30%thoseofSingapore.WeforecastEntertainmentCityGGRtoexperienceaCAGRof15%until2023.■KeepyoureyesonMass.DespiteVIPvolumesshowingsignsofimpactfromtheslowdowninChinamacro,webelievethatthecombinationof:(1)risingdisposableincomes;(2)connectivityimprovementfromprogressintheinfrastructurerollout;and(3)acceleratingtouristarrivalsfromChinashoulddrivegrowthinthehigh-marginMasssegment.Weex