Philippines casino industry GGR projected to grow to $10B by 2027
The casino gaming industry of Philippines will be generating Gross Gaming Revenue (GGR) of $10 billion by the year of 2027, which will make a growth of 100 per cent in merely five years, Asia-Pacific consultancy firm GCG Gaming Advisory Services predicted.
In its latest report, GCG Gaming Advisory Servicesâ€™ analysts predicted that the Philippines casino gaming industry will likely return to its pre-pandemic level of $5 billion by the end of 2023. By the end of current year, GGR is projected to be at around $3.9 billion to $4 billion. Gradually, the GGR figure will become double in five years from now, owing to opening of new casinos across the country.
The consultancy firmâ€™s projection is based on its third quarter (3Q) of 2022 market report for the Southeast Asian country. Analysts from the consultancy firm explained that the casino industry will get a big boost from the full opening of NUSTAR, Solaire North in Quezon City, Emerald Bay in Ceby, Solaire casino in Cavite, and the official launch of Westside City by the year of 2025. In addition, casino projects at the Hann Casino and the Royce casino in Clark will be expanded.
A spokesperson for GCG Gaming Advisory Services said in a statement that the Southeast Asian country will enjoy a strong gaming market as locals as well as a strong expat community from Korea, China, Taiwan and Japan will increasingly get attracted by the Philippines growing gaming venues.
In the newly released statement, the spokesperson added, â€śStrong regulations, introduction of PIGO and new airports in Cebu and Clark all indicate that the Philippines will be competing with Singapore for the top GGR position over the next few years. We expect the Philippines to increase to an annual GGR of 10 billion dollars in full year 2027.â€ť
Some of the aforementioned resorts partially opened their gates in May this year, with a full opening slated for the second half (H2) of 2023. While their main gaming areas are already open, most of their VIP areas are still under construction.
For the first three quarters (January through September) of this year, the Philippine Amusement & Gaming Corporation (PAGCOR) has reported casino GGR of PHP 117.0 billion (roughly US$2.04 billion), including PHP 44.8 billion (US$781 million) generated in the third quarter.