Alliance Global CEO optimistic on gaming business thru 2024

ALLIANCE Global Group Inc. (AGI), the holding firm of businessman Andrew Tan, said it is optimistic on its gaming business through 2024, mostly relying on China’s opening up.

AGI CEO Kevin Andrew L. Tan said the company is preparing for the second wave of pent up demand from the Chinese market starting next year.

Tan said the company is now at its 100 percent of gross gaming revenues of the pre-pandemic, which makes the Philippines in the right position to accept Chinese gamers.

“Hong Kong is always the starting point was that this gives you a signal of where China’s going. And I think when that happens, the Philippines with its very prime location, we can expect we are in the right place to accept that, that second wave of revenge spending from the Chinese tourists,” Tan said.

“So that’s why we’re really good position now. And I think we’re very optimistic for next year and even 2024,” he added.

For other nationalities, meanwhile, Tan said the company is “very strong already with South Korea, Taiwan, of course, Southeast Asia.”

“But China is the market that we’re either one is after, if you talk about hospitality and gaming. So they’re always the largest source market for quite a number of Asean [Association of Southeast Asian Nations] countries,” he said.

“China has a very strong market. I think it’s going to be a next year, we will we will be able to see that. You just need to imagine the whole fund being opened up.”

Travellers Hotel International Group Inc., which holds Tan’s gaming and leisure business, posted a 17-percent increase in income for the nine months of the year to P18.35 billion from last year’s P18.17 billion. Its loss, meanwhile, widened to P235 million for the period from the previous year’s P111 million.