Global Pandemic Threatens to Burst Philippines Internet Gaming Bubble
The twin global gaming centres Macau and Las Vegas keep on losing millions of dollars, as casinos stand empty. The smaller online gaming industry in the Philippines is now benefiting gamblers who logged into live gaming.
However, the $8 billion gaming industry is also battling to survive with blunt consequences for the nation’s property and retail sectors.
Even though some of the casinos online were considered non-essential during the lockdown to combat the virus. However, some of the casinos in the Philippines and the United States are still operating partially.
Some of the lockdown restrictions have been massive weights on gambling said Ben Lee a Macau-based managing partner.
The global pandemic has led us into a tipping point mainly in internet gaming. This is because there have been waves of pressure including the threat of high tax.
The Closing Down of Casinos
Most casinos have been closed worldwide including the ones in Las Vegas have been robust but they have been forced to shut their doors since the pandemic began.
“There are more to come. We’re just convincing them to stay,” indicated Jose Tria.
In the event that the gaming industry collapsed it could leave there is a possibility that 3.4 million square meters of combined office along with residential space. This space is more like 600 football fields.
The gambling industry stock has fallen 3.5% the most since June 24. It has outpaced the main stock index’s 1% drop on Friday.
Above all, real money gamblers should not despair online gaming will never die; rather real players will resurrect it. All this in a bid to keep their lifestyle intact. Online casinos are here to stay but the global pandemic that has halted progress will surely find its way out of our lives completely.
It is only a matter of time before everything goes back to normal. On the interim, all you can simply do is to stay safe and practise social distancing whilst in the midst of the pandemic.