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Philippines Gaming Sector Expects 15% Growth in 2024, Driven by Domestic Demand and VIP Surge

May 3, 2024 Philippines iGaming & GamblingIndustry Updates

The Philippine gambling industry is predicted by investment bank Maybank to grow by 15% annually in 2024 as a result of robust local demand.

Analyst Raffy Mendoza believes that as Chinese traffic declines, South Korean gamblers will drive a rise in the VIP category.

Mendoza points out that significant local demand is demonstrated by the fact that mass tables and slot machines accounted for 64% of Entertainment City in Manila’s gross gaming revenue (GGR) in the previous year.

Maybank emphasizes that rising private consumption is the reason behind the stability and profitability of mass and slot revenues.

The anticipated growth in 2024 will primarily come from domestic demand, with notable contributions also coming from the ongoing recovery of the VIP segment and its expansions outside of Entertainment City, most notably the soon-to-open Solaire Resort North.

Maybank reports a significant increase in Korean tourist numbers, which is expected to propel the VIP segment’s comeback despite the fall in Chinese visitors. 459,000 arrivals in 3M24 accounted for 88% of 3M19 levels.

Maybank uses data from Bloomberry Resorts Corp. to demonstrate the increasing significance of Korean, Taiwanese, and ASEAN gamblers in the VIP market. The group’s share of VIP GGR increased from 15% in 2019 to 47% in 2023.

Original Story by: Inside Asian Gaming

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