Casinos in the Philippines are tipped to generate US$10 billion in gross gaming revenue by 2027. The bold prediction is made by GCG Gaming Advisory Services, a consultancy company that specializes in the Asian market.
The firm also estimates that the gambling industry in the Philippines will get back to pre-COVID levels by next year. GCG Gaming Advisory Services forecasts that casinos in the Philippines will record gross gaming revenue in the region of US$5 billion next year, up from the US$4 billion GGR they are expected to generate this year.
A Well-Regulated Market with a Strong Expat Community
GCG said that the strong local markets in the Philippines, as well as the country’s “strong ex-pat community” would significantly contribute to increasing revenue figures in the future.
The Asia-Pacific consultancy firm forecasts that the Philippines will compete with Singapore in the coming years to become the top gaming hub in Asia. GCG highlighted that the country’s strong gaming regulation, as well as the new Clark and Cebu airports, will help towards meeting this goal.
The introduction of the Philippines Inland Gaming Operator (PIGO) scheme, which allows domestic VIP gamblers to play at local casinos, has also turned out to be a smart move for the Philippine Amusement and Gaming Corporation (PAGCOR). PAGCOR regulates gaming in the Philippines but also operates casinos and has gaming satellites.
Regulator Expects US$12.5 Billion in Revenue By 2028
GCG estimates that the annual gross gaming revenue in the Philippines will more than double and reach US$10 billion by 2027. Those numbers are in line with what PAGCOR is expecting. The Philippines gaming regulator anticipates US$12.5 billion GGR by 2028.
Those predictions might seem a bit too ambitious when looking at current industry numbers, though. Licensed casinos in the Philippines generated US$2.04 billion from January to September 2022. PAGCOR casinos and other gaming providers pitched in with US$1.04 billion during the same period.
A Gaming Industry Boom
PAGCOR didn’t reveal how much of that revenue came from casinos located in the Entertainment City in Manila and how much was generated by casinos in other regions, such as Cebu and Clark.
However, both GCG estimates and PAGCOR figures indicate that NUSTAR Resort and Casino, the first integrated resort in the Philippines, had a great start since its soft opening six months ago.
Even though most gaming areas in the casino are still under construction, according to GCG, NUSTAR still managed to generate US$20 million GGR in its first quarter.
NUSTAR will be followed by The Emerald Bay, an integrated resort in Cebu and Solaire North, a resort operated by Bloomberry Resorts Corp (PSE: BLOOM) in Quezon City. There will also be another Solaire casino in Cavite next year, and the massive Westside City project is expected to hit Manila’s Entertainment City in 2025.
The gaming industry boom is also evident in Clark where the Hann Casino Resort is expanding its capacity and neighbouring Royce will start a similar project over the next few months.
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