In a recent announcement, it became apparent that the Philippines has turned into a gaming hub in Southeast Asia. The country’s gambling industry is projected to double its gross gaming revenue (GGR) by the year 2028! This optimistic forecast stems from a noticeable rise in tourist arrivals, notably affluent gamblers from China.
The gaming sector, under the regulatory regime of the Philippine Amusement and Gaming Corp (PAGCOR), is buzzing with anticipatory excitement as at least 6 new casino facilities. Collectively, they’re valued at around $3 billion! They’re set to go live any time!
This ambitious move is designed to ramp up the competitiveness of the Philippine gaming industry, similar to the German one as seen in GamingGadgets.de, especially in light of the ongoing casino projects in Japan. At the same time, Thailand is in the talks of legalizing gambling in the country.
PAGCOR Chairman Alejandro Tengco, in a statement, shared excitement about the potential of achieving at least 10% annual growth in GGR, with projections of reaching a new record high this year.
Over the next five years, the GGR is estimated to grow to a whopping 450 billion to 500 billion pesos, which translates to $7.9 to $8.8 billion! If anything, it shows the momentum of the Filipino gambling industry.
This projected growth trajectory comes after the recovery from the COVID-19 pandemic-induced slump. The industry saw a dip in GGR to 214 billion in 2022 from a pre-pandemic pinnacle of 256 billion in 2019. This turnaround is widely considered a catalyst for the growth awaiting the Philippine gambling sector.
At the heart of this growth is the influx of high-rolling gamblers from countries like China, Japan, and South Korea. Needless to say, they’re lured by the vibrant gambling scene in the Philippines, along with its vibrant culture that amazed visitors for centuries.
The Philippines is ultimately positioning itself as a preferred gaming destination by not only embarking on new gaming projects but also through policy reforms. They’re all aimed at enhancing the appeal and operational transparency of the gambling industry.
On a separate note, the upcoming casino projects in PH include a high-end casino and golf course in Pampanga province. It’s a whopping $300 million project by Bloomberry Resorts in Cavite province and a similar investment by Global-Estate Resorts in the holiday island Boracay.
With neighboring countries like Thailand and Japan eyeing a slice of the gambling pie, the Philippines’ strategic moves to privatize state-owned casinos and empower new gaming projects show that the country is trying to retain its foothold in gambling.