In the Philippines, a local property services firm has reportedly called on the government to provide offshore gaming firms with “clear, consistent and reliable” support so that the industry can continue to grow.
According to a report from the BusinessWorld newspaper, Pronove Tai And Associates revealed that offshore gaming providers have emerged as one of the main drivers in the recent growth of office space in the Asian nation and will account for 20%, which equates to around 602,778 sq ft, of the pre-leased space that is set to be completed during the second quarter of the year.
“The offshore gaming industry, a beleaguered office demand driver, requires clear, consistent and reliable national and local government support to succeed in the same way that the information technology and business process management industry flourished during the past administrations,” read a statement from Manila-based Pronove Tai And Associates.
BusinessWorld reported that the recent surge in demand for office space follows last year’s decision by the Philippine Amusement And Gaming Corporation regulator to begin licensing offshore gaming firms, which is expected to bring in around $200 million in additional tax revenues every year. It explained that holders of a Philippine Offshore Gaming Operators permit are allowed to offer their services from anywhere in the Philippines provided they are inside a building accredited by the Philippine Economic Zone Authority.
“With the advent of offshore gaming, all countries generally allow their citizens to engage in betting and gaming activities online in the privacy of their homes,” read the statement from Pronove Tai And Associates. “The Philippines, however, has taken the bold lead in legalizing and licensing offshore online gaming in the country.”
The property services firm reportedly declared that offshore gaming providers are being attracted to the Philippines due to the nation’s competitive labor costs, availability of prime space and “lower real estate acquisition and operational costs” when compared with other Asian nations. It stated that Makati City is the preferred location for such new operations followed by areas in the Manila suburbs of Paranaque and Pasay.
“The local governments of these cities have also been supportive of this industry as compared to other cities in the national capital region,” read the statement from Pronove Tai And Associates.
BusinessWorld moreover noted that Paranaque is the site of the 296-acre Entertainment City gaming and entertainments district, which is home to a trio of giant integrated casino resorts in the City Of Dreams Manila, Solaire Resort And Casino and Okada Manila while a fourth, Resorts World Bayshore, is scheduled to open by the end of next year. It disclosed that Pronove Tai And Associates believes that these bricks-and-mortar venues may begin offering online gambling services “sooner rather than later” in order to attract and retain players while increasing revenues.
“As gaming interface and service delivery employ richer graphics and more sophisticated applications, demand for technical back office support and game software development will increase even more,” read the statement from Pronove Tai And Associates. “Hence, demand for prime-grade buildings with high-speed telecommunications infrastructure and local government support will grow not only from offshore gaming companies but from the special class of business process outsourcing companies as well.”