Philippines envisions a remarkable increase in casino revenue by 2028 fueled by a thriving tourism industry.
Philippines’ Gambling Industry Set to Double Revenue by 2028, Attracting Wealthy Chinese Gamblers and Expanding Casino Facilities.
Manila, Philippines – In an exciting development for the Philippines’ burgeoning gambling industry, the country’s gross gaming revenue (GGR) is expected to double by 2028. This projection comes as the nation sees a significant influx of tourists, particularly wealthy Chinese gamblers, drawn to the country’s thriving gaming scene.
To solidify its position as a premier gambling destination, the Philippines has ambitious plans in the pipeline. Six new casino facilities, with an estimated value of $3 billion, are set to be established. This strategic move aims to bolster the nation’s gaming industry, preempting competition from neighboring countries such as Japan and Thailand, who are also making their mark in the casino market.
Chairman Alejandro Tengco of the Philippine Amusement and Gaming Corp (PAGCOR) shared his optimism about the future of the gaming sector. He predicts an annual growth rate of at least 10% in GGR, with this year poised to achieve a new record high. By 2027, GGR is projected to reach an impressive 450 billion to 500 billion pesos ($7.9 to $8.8 billion).
The industry had already been on an upward trajectory, with total GGR surpassing 256 billion pesos in 2019. However, the unforeseen impact of the global pandemic hindered its progress. Fortunately, signs of recovery have emerged, as GGR reached 214 billion pesos in 2022.
While the Philippines’ local players have played a vital role in the industry’s current success, there is immense potential to attract a larger share of the foreign market. Chairman Tengco believes that as foreign travel guidelines continue to improve, the industry can tap into an even wider range of international visitors.
The Philippines’ gambling industry is on track to achieve unprecedented growth, with its appealing offerings and strategic efforts positioning it as a global player. Expectations are high as the country paves the way for a remarkable expansion in the coming years.