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House Doesn’t Always Win as Philippine Casino Bet on China Sours

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In February 2014, Melco Crown Entertainment Ltd. co-Chairman James Packer described the construction of the City of Dreams casino in Manila as a “bet on China.” Sixteen months on, the gamble hasn’t paid off.

With a government crackdown on corruption in China scaring customers away from Macau, where gaming revenue has fallen year-on-year for four straight quarters, the opportunity appeared to be there for other Asian gambling hubs to cash in.