With the opening of new casinos, the Philippines casino industry will achieve GGR of 10 billion dollars by 2027, doubling its revenues in just 5 years, according to analysts from GCG Gaming Advisory Services, an Asia-Pacific consultancy firm.
The company expects GGR to return to its 2019 level of 5 billion dollars starting next year, increasing from a projected 3.9 billion dollars to 4 billion dollars in 2022.
This projection is based on the company’s 3Q22 market report for the Philippines.
Also, there will be expansion projects at the Hann Casino and the Royce casino in Clark.
Spokesperson at GCG Gaming Advisory Services, said: “The Philippines enjoys a strong locals market, a strong expat community (Korean, Chinese, Taiwan, Japan) and fully open international borders,
“Strong 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.”
Revenues for the third quarter of 2022:
The Philippine Amusement and Gaming Corp (PAGCOR) reported GGR from licensed casinos of PHP 117.0 billion (2.04 billion dollars) for the first 9 months of the year, involving PHP 44.8 billion (781 million dollars) in Q3.
On the other hand, GGR from the entire industry, including PAGCOR casinos and “other licensed” casinos, was 1.04 billion dollars in Q3, the highest quarterly figure since 4Q19 when GGR was 1.31 billion dollars.
Although PAGCOR did not differentiate between the GGR generated in Manila and other areas of the Philippines for the September quarter, GCG Gaming Advisory Services reported that Cebu‘s first integrated resort and NUSTAR resort and casino achieved gross gaming ravenue (GGR) of about 20 million dollars from opening.
The resorts opened in May of this year, with a full opening scheduled for the second half of 2023. Their main gaming area is currently open although most of the VIP areas are under construction.
Spokesperson at GCG Gaming Advisory Services, added: “We can take a best estimate that the Clark casinos contributed approximately 110 million dollars (in Q3), NUSTAR in Cebu 20 million dollars and the two Fiesta casinos 8 million dollars.”
GCG Gaming Advisory Services offers its clients a range of gaming advisory services specifically for casino operators and new integrated resorts developers in the South East Asia region.