Macau casino tycoon Lawrence Ho is preparing to exit the Philippine gaming market as his company Melco Resorts & Entertainment Ltd. moves toward a major strategic shift.
Ho, who teamed up with the late billionaire Henry Sy to build City of Dreams Manila a decade ago, is now selling his stake in the integrated resort, signaling a potential full or partial withdrawal from the country.
Geoff Davis, chief financial officer of Melco Resorts, confirmed the development during a company meeting on May 8, 2025
“Several potential buyers are going through advanced bidding procedures. We will soon determine the final winner,” Davis said.
Rumors of Ho’s intention to sell have circulated since February, when he reportedly set a $1-billion price tag on Melco’s stake in City of Dreams.
Belle Corp., the most likely buyer and part of the Sy family conglomerate, reportedly balked at the valuation, deeming it too high.
Melco’s decision comes amid mounting financial pressure. According to the company’s February 2025 financial report, it recorded losses totaling $3.45 billion since 2024, largely due to the lingering impact of the pandemic and mounting interest expenses from expansion projects.
Melco said that in response, it is adopting a “light asset strategy” that focuses on reducing ownership of physical properties.
The company is now eyeing fresh investment opportunities in Thailand and Macau, two markets it sees as more promising under current conditions. The move has alarmed officials in the Philippines gaming sector.
Alejandro Tengco, chairman of the Philippine Amusement and Gaming Corp. (PAGCOR), warned that Thailand’s entry into the legal casino space could pose a significant threat.
“Thailand has legalized casinos and offers friendly policies for foreign tourists. It’s a huge threat to the Philippine gaming industry,” Tengco said.
He highlighted the growing tourist gap between the two countries. “In 2024, Thailand welcomed 35.5 million foreign tourists, compared to just 6 million in the Philippines. If Thailand has legal casinos, who will come to the Philippines?” Tengco said.