$6 billion worth of investment to be injected into PH casino sector in next 5 years: PAGCOR head

International and local firms are anticipated to spend up to $6 billion in the Philippines’ casino sector over the next five years, according to the head of the gaming regulatory body in the country.

As one of Asia’s major gaming hubs, the Philippines is predicted to benefit from this investment even with heightened competition.

A new casino resort will open every other year in Manila, as well as in Clark and Cebu, according to Alejandro Tengco, Chairman of the Philippine Amusement and Gaming Corp. In addition, Tengco said that the growth of electronic gaming and the opening of new casinos will be the main drivers of future development at the ASEAN Gaming Summit.

Tengco said that the Philippines is probably going to reach its goal of P450 billion to P500 billion ($8–9 billion) in total gross gaming revenue (GGR) by 2027—a year earlier than expected. Due to players from South Korea, Singapore, Japan, and the mainland Chinese high rollers being absent due to the pandemic and stricter junket regulations, the country recorded a record total GGR of P285 billion in 2023.

This helped Philippine conglomerates SM Investments and Alliance Global Group, as well as casino operators like Bloomberry Resorts and Universal Entertainment from Japan, achieve impressive performance last year. That being said, there will be fresh challenges for the Philippine gambling industry from neighboring competitors like Thailand, which is reevaluating the legality of casinos, and Japan, which has licensed its first casino. In order to effectively compete when these new rivals enter the market, Tengco emphasized that the Philippine gaming industry must grow and mature over the next five to six years.

Original story by: Philippine Daily Inquirer