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Image Source The Edge Malaysia

PH to surpass SG as 2nd largest gambling market by 2025: PAGCOR head

March 14, 2024 Philippines iGaming & GamblingIndustry Updates

By the next year, the Philippines may surpass Singapore as Asia’s second-largest gambling market behind Macau, according to the head of Manila’s gaming agency.

New integrated resorts, which are anticipated to lure more visitors and counteract the drop in Chinese tourists, are credited by him with the prospective growth.

Up to eight further casino projects, along with plans for a new integrated resort by Bloombery Resorts Corp., were revealed by Alejandro Tengco, Chairman and CEO of Philippine Amusement and Gaming Corp. (Pagcor). He said that by early 2026, the regulator intends to sell state-run casinos.

Tengco emphasized that Singapore may stagnate and enable the Philippines to overtake it if it doesn’t continue to expand. The country anticipates that overall gaming revenue will exceed 336 billion pesos this year, up from the record 285 billion pesos earned last year. The Gambling Regulatory Authority of Singapore, meanwhile, declined to comment on Tengco’s remarks.

Manila relies on integrated resorts and casinos to offset the impact of the epidemic on tourism. The government anticipates 7.7 million foreign tourists this year, up from 5.45 million in 2023 but still below pre-pandemic levels despite obstacles. To reach new markets and customer bases, Tengco has revealed intentions to build other casinos in Manila, Clark, Cebu, and Boracay.

Tengco is optimistic about the industry’s future growth despite a decline in Chinese tourist visits as a result of tensions and the epidemic, pointing to the presence of other international visitors.

The Philippines is also trying to grow its online casino industry, which made up a sizable portion of the total revenue from gambling in the previous year. Pagcor is searching for a joint venture partner to help with operations as it prepares to launch its online gaming website this year.

In order to privatize both, Pagcor intends to withdraw its regulatory role from casino operations. This means offering to sell its casino properties in parcels sorted by region in the hopes of earning a large sum of money. Tengco believes that by taking this action, investor confidence will increase and additional funding for the industry will become available.

Original story by: The Edge Malaysia

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