The gaming market in the Philippines is poised for impressive growth, with projections indicating a one-third rise in gross gaming revenues by 2028. This surge is attributed to an uptick in tourism, especially from affluent Chinese bettors.
The Philippine Amusement and Gaming Corp (PAGCOR) oversees the industry and is gearing up for the introduction of six new casinos, representing an investment of around $3 billion. The goal is to elevate the Philippines’ gaming efficiency to match Germany’s, as reported, even as Japan continues to develop its casinos and Thailand considers legalizing gambling.
PAGCOR’s head, Alejandro Tengco, is optimistic about achieving a 10% yearly increase in GGR, with expectations set for record-breaking performance in the upcoming year.
Over five years, GGR is anticipated to soar from 500 to 450 billion pesos, equivalent to $7.9 to $8.9 billion, marking a rapid expansion for the Filipino gaming sector. This growth is a rebound from the COVID-19 downturn, which saw a dip in GGR from its 2019 peak.
The influx of high-rolling gamblers from China, Japan, and South Korea, drawn by the Philippines’ vibrant gaming and cultural scene, is fueling this expansion.
The Philippines aims to solidify its reputation as a premier gaming hub through new initiatives and policy reforms, all designed to enhance the industry’s integrity and operational efficiency.
Additionally, the forthcoming casino projects in the Philippines will feature luxurious amenities, including a resort and golf course in Pampanga, a $300 million venture by Bloomberry Resorts in Cavite, and another by Global-Estate Resorts in Boracay.
With Thailand and Japan eyeing their shares of the gaming sector, the Philippines is strategically divesting state-owned casinos and greenlighting new gambling projects to secure its standing in the global gambling arena.
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