City of Dreams Manila evaluating entry into Philippines online gaming: Seaport Research

Brokerage Seaport Research Partners says management for City of Dreams (CoD) Manila is “evaluating potential entry into Philippines online gaming”. The institution gave the commentary as part of its summary from discussions with management at casino firm Melco Resorts & Entertainment Ltd at the 2026 Seaport Annual Summer Conference. Senior analyst Vitaly Umansky wrote that “no decision has yet been made” on the issue. But he added: “Doing so would make CoD Manila a more competitive gaming operation in the country as many competitors are already running online alongside the bricks and mortar operation.” City of Dreams Manila is the only one of the currently-operating large-scale gaming resorts within the Philippine capital’s Entertainment City casino zone that does not have an online operation. Melco Resorts runs City of Dreams Manila, in a partnership with a unit of Philippines-listed Belle Corp as its local partner. Online gaming at other Entertainment City properties has been permitted by the country’s regulator, the Philippine Amusement and Gaming Corp (Pagcor). Those running it are: Newport World Resorts, operated by Travellers International Hotel Group Inc; Okada Manila, controlled by Tiger Resort, Leisure & Entertainment Inc; and Solaire Resort & Casino, run by Bloomberry Resorts Corp. Seaport’s note added that notwithstanding possible review by Melco Resorts of online gaming as a business, the company “would still like to potentially divest the operations” of City of Dreams Manila, “but will only do so at the right valuation”. In February 2025, Melco Resorts said it was looking at “strategic alternatives” regarding the future of its involvement in the City of Dreams Manila complex, a deal that brokerage Texas Capital Securities suggested could yield “close to US$600 million”. Belle Corp had said in May last year that a buyout of Melco Resorts’ gaming business at City of Dreams Manila was “not part of Belle’s plans for the immediate future”. In February this year, Melco Resorts stated that it had terminated its “strategic alternatives” exercise. Lawrence Ho Yau Lung, the group’s chairman and chief executive, said at the time: “Although we considered various alternatives, we did not feel that any of those options would allow the value and potential of the property to be fully realised.” Seaport said in its latest note, citing Melco Resorts’ management assessment of its Manila operation: “The outlook is stable amid rising competition.”