According to analysts from the Asia-Pacific consultancy firm GCG Gaming Advisory Services, the Philippines casino industry will double its revenues in just 5 years and reach GGR of $10 billion by 2027 with the opening of new casinos.
GGR is anticipated to increase from a projected 3.9 billion dollars to 4 billion dollars in 2022, returning to its 2019 level of $5 billion starting next year. This forecast is based on the Philippines market report for the company’s 3Q22. By 2025, NUSTAR will be fully operational, along with Emerald Bay in Ceby, the Solaire casino in Cavite, Solaire North in Quezon City, and Westside City.
Additionally, Clark’s Hann Casino and Royce Casino will both be expanding. “The Philippines enjoys a strong domestic market, a strong expat community (Korean, Chinese, Taiwan, and Japan), and fully open international borders,” a spokesperson for GCG Gaming Advisory Services said.
Strong regulations, the implementation of PIGO, and the construction of new airports in Cebu and Clark all suggest that the Philippines will be in a competitive race with Singapore for the top GGR spot over the coming years. In the full year 2027, “we anticipate the Philippines to increase to a GGR of $10 billion annually.”
The following are the third quarter 2022 revenues:
For the first nine months of the year, the Philippine Amusement and Gaming Corp (PAGCOR) reported GGR from authorized casinos of PHP 117.0 billion (2.04 billion dollars), with PHP 44.8 billion (781 million dollars) in Q3.
However, GGR from the entire sector, including PAGCOR casinos and “other licensed” casinos, was $1.04 billion in Q3, which was the highest quarterly total since 4Q19, when GGR was $1.31 billion.
The first integrated resort in Cebu and NUSTAR resort and casino reported gross gaming revenue (GGR) of about $20 million from opening, according to GCG Gaming Advisory Services, even though PAGCOR did not distinguish between the GGR generated in Manila and other regions of the Philippines for the September quarter.
With a full opening slated for the second half of 2023, the resorts began operations in May of this year. Although the majority of the VIP areas are still under construction, their main gaming area is currently open.
The GCG Gaming Advisory Services spokesperson continued, “We can take a best estimate that the Clark casinos contributed approximately 110 million dollars (in Q3), NUSTAR in Cebu contributed 20 million dollars, and the two Fiesta casinos contributed 8 million dollars.
For casino operators and new integrated resorts developers in the South East Asia region, GCG Gaming Advisory Services offers its clients a variety of gaming advisory services.